Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 6-11A (Static) Determining the true cash balance, starting with the unadjusted bank balance LO 6-3 The following information is available for Trinkle Company for

image text in transcribed
Exercise 6-11A (Static) Determining the true cash balance, starting with the unadjusted bank balance LO 6-3 The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $81,500. 2. Deposits in transit on June 30 were $3,150. 3. A debit memo was included with the bank statement for a service charge of $40. 4. A $5,611 check written in June had not been paid by the bank. 5. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $900, and the interest collected amounted to $50. Required Determine the true cash balance as of June 30 . (Hint: It is not necessary to use all of the preceding items to determine the true balance.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

World Class Internal Audit Tales From My Journey

Authors: Norman Marks

1st Edition

1500791962, 978-1500791964

More Books

Students also viewed these Accounting questions