Answered step by step
Verified Expert Solution
Question
1 Approved Answer
S 26-30 ARE BASED UPON THE FOLLOWING INFORMATION: Crane Video Company has the following activity in July: 1. Cash balance per bank July 31 is
S 26-30 ARE BASED UPON THE FOLLOWING INFORMATION: Crane Video Company has the following activity in July: 1. Cash balance per bank July 31 is $7200 2. July bank service charge is $30 3. Cash balance per books July 31 is $6,900 4. Deposits in transit July 31 are $1,500 5. Bank collected $1,000 note for Crane in July, plus interest $30, less service fee of $20. 6. Outstanding checks for July were $820. What would be the true adjusted cash balance: The formula to calculate you adjusted bank balance would be: Oa. +7200-30+1000+30-20 Ob. +7200-30+30-20 c. +7200+1500-820
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