Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kenny Companys bank statement showed an ending balance of $3,506 at July 31, 2021. The bank statement also showed a bank service charge for $30,
Kenny Companys bank statement showed an ending balance of $3,506 at July 31, 2021. The bank statement also showed a bank service charge for $30, an EFT collection of $1,000, and check #254 written to a supplies vendor in the amount of $98. Check #254 was recorded in the cash payments journal for $89. The deposit made on July 31, 2021 of $1,670 was still in transit, and outstanding checks totaled $1,285. What is the unadjusted cash balance in the ledger at July 31, 2021?
1 Cash Balances Cash balance before AJES Per Bank Statement Per Books 1 Adjustments to the bank balance Adjustments to the book balance + Deposits in transit Outstanding checks +/- Bank errors + EFT collections and other deposits NSF (bounced) checks Service charges and other payments +/- Company errors CORRECT BALANCE CORRECT BALANCE CORRECTED CASH BALANCE AFTER ADJUSTMENTS Kenny Company's bank statement showed an ending balance of $3,506 at July 31, 2021. The bank statement also showed a bank service charge for $30, an EFT collection of $1,000, and check #254 written to a supplies vendor in the amount of $98. Check #254 was recorded in the cash payments journal for $89. The deposit made on July 31, 2021 of $1,670 was still in transit, and outstanding checks totaled $1,285. What is the unadjusted cash balance in the ledger at July 31, 2021Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started