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On May 31, Money Corporation's Cash account showed a balance of $11,500 before the bank reconciliation was prepared. After examining the May bank statement and

On May 31, Money Corporation's Cash account showed a balance of $11,500 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items:

Checks outstanding $2,250
Deposits outstanding 3,500
NSF check 280
Service Charges 70

Error: Money Corp. wrote a check for $100 but recorded it incorrectly for $1,000.

What is the amount of cash that should be reported in the company's balance sheet as of May 31?

$12,050 Answer

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