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Multistep question need help with both. Your company makes a bank deposit of $857 in its chequing account. Which of the following describes how this
Multistep question need help with both.
Your company makes a bank deposit of $857 in its chequing account. Which of the following describes how this transaction should be accounted for? Multiple Choice You add $857 to your recorded cash balance and the bank deducts $857 from your chequing account balance. You deduct $857 from your recorded cash balance and the bank deducts $857 from your chequing account balance. You add $857 to your recorded cash balance and the bank adds $857 to your chequing account balance. You deduct $857 from your recorded cash balance and the bank adds $857 to your chequing account balance. Before reconciling to its bank statement, Watermelon Company's general ledger had a month-end balance in the cash account of $5,250. The bank reconciliation for the month contained the following items: $750 Deposits in transit Outstanding cheques Interest earned NSF cheque returned to bank Bank service charge $465 $20 $100 $10 Based on the information provided above, what adjusted cash balance should the company report at the end of the month? Multiple Choice O $4,500 O $4,820 $5,160 O $5,590Step by Step Solution
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