Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 31, Clark Company's cash balance per its general ledger is $4,280. The bank's cash balance per the January 31 bank statement is $3,100.
On January 31, Clark Company's cash balance per its general ledger is $4,280. The bank's cash balance per the January 31 bank statement is $3,100. The following information is gathered from the bank statement and company records:
Checks outstanding | $ | 1,100 |
Deposits outstanding | $ | 1,200 |
Interest earned on bank account | $ | 20 |
NSF check | $ | 1,000 |
Service fee | $ | 100 |
What is the company's correct ending balance of cash on January 31, per the reconciliation?
Multiple Choice
$3,200
$3,000
$2,020
$4,380
Step 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