Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Is my answer to this problem correct? If not, please correct it S4-9. (Learning objective 3: Design and use a bank reconciliation) The Cash account

image text in transcribedimage text in transcribed Is my answer to this problem correct? If not, please correct it

S4-9. (Learning objective 3: Design and use a bank reconciliation) The Cash account of Rampart Corp. reported a balance of S3,530 at August 31, 2016. Included were outstanding checks totaling $1,700 and an August 31 deposit of S400 that did not appear on the bank statement. The bank statement, which came from Park State Bank, listed an August 31 balance of $5,483. Included in the bank balance was an August 30 collection of $691 on account from a customer who pays the bank directly. The bank statement also shows a $13 service charge, S20 of interest revenue that Rampart earned on its bank balance, and an NSF check for $45. Prepare a bank reconciliation to determine how much cash Rampant actually has at August 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions