Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 26 3 pts Hinkton, Inc.'s cash ledger reports a balance of $44,460 for the month ending June 30, 2019. However, the bank statement shows

image text in transcribed
Question 26 3 pts Hinkton, Inc.'s cash ledger reports a balance of $44,460 for the month ending June 30, 2019. However, the bank statement shows that Hinkton's balance is $41,440. Additional information from June's bank statement and company records reveals the following: Deposits outstanding (made by Hinkton but not shown on bank $5,520 statement) The bank deducted service fees from Hinkton's account $330 NSF check (customer's check that Hinkton deposited did not clear the $1,200 bank) Checks outstanding (written by Hinkton but not shown on bank $4,640 statement) An automatic withdrawal for insurance was made on June 30 $700 The bank paid Hinkton interest. $90 . C What is Hinkton's reconciled cash balance as of N $42,320 $40,320 $40,020 $42,340

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

Visual Auditory And Kinesthetic Self Audit Communication And Learning Profiles

Authors: Brian Everard Walsh, Ronald Willard, Astrid Whiting

1st Edition

098666555X, 978-0986665554

More Books

Students also viewed these Accounting questions