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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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