Question
Swifty Corporation assembled the following information in completing its March bank reconciliation: Balance per bank $14500 Outstanding checks $2950 Deposits in transit $4750 NSF check
Swifty Corporation assembled the following information in completing its March bank reconciliation:
| Balance per bank | $14500 | |
| Outstanding checks | $2950 | |
| Deposits in transit | $4750 | |
| NSF check | $300 | |
| Bank service charge | $95 | |
| Cash balance per books | $16695 |
As a result of this reconciliation, Swifty will
reduce its cash account by $1800.
reduce its cash account by $95.
increase its cash account by $205.
reduce its cash account by $395.
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
Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
