Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HarryHarry FarmsdaleFarmsdale operates a roller skating center, RollerballRollerball USA. He has just received the monthly bank statement at AprilApril 3030 from WashingtonWashington National Bank, and

HarryHarry

FarmsdaleFarmsdale

operates a roller skating center,

RollerballRollerball

USA. He has just received the monthly bank statement at

AprilApril

3030

from

WashingtonWashington

National Bank, and the statement shows an ending balance of

$ 745$745.

Listed on the statement are an EFT rent collection of

$ 300$300,

a service charge of

$ 9$9,

two NSF checks totaling

$ 120$120,

and

aa

$ 10$10

charge for printed checks. In reviewing his cash records,

FarmsdaleFarmsdale

identifies outstanding checks totaling

$ 609$609

and

an Aprilan April

3030

deposit in transit of

$ 1 comma 800$1,800.

During

AprilApril,

he recorded a

$ 290$290

check for the salary of a part-time employee as

$ 29$29.

Farmsdale'sFarmsdale's

Cash account shows

an Aprilan April

3030

balance of

$ 2 comma 036$2,036.

Requirement

1. How much cash does

FarmsdaleFarmsdale

actually have at

April 30April 30,

20162016?

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

The Edgerston Audit

Authors: Don Akenson

1st Edition

0802709915, 978-0802709912

More Books

Students also viewed these Accounting questions

Question

What is the link to your shared folder?

Answered: 1 week ago