Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

LO E4-20A. (Learning Objective 4: Use a bank reconciliation) Jim Patrick operates a roller skat- ing center, Skatetown USA. He has just received the company's

image text in transcribed
LO E4-20A. (Learning Objective 4: Use a bank reconciliation) Jim Patrick operates a roller skat- ing center, Skatetown USA. He has just received the company's monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending balance of $710. Listed on the statement are an EFT rent collection of $315, a service charge of $10, two NSF checks total- ing $100, and an $11 charge for printed checks. In reviewing his cash records, Patrick identifies outstanding checks totaling $615 and a March 31 deposit in transit of $1,775. During March, he recorded a $210 check for the salary of a part-time employee as $21. Patrick's Cash account shows a March 31 cash balance of $1,865. How much cash does Patrick actually have at March 31, 2018

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

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

7th edition

1259259870, 1259087468, 70968292, 978-1259087462

More Books

Students also viewed these Accounting questions

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago