Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance in the Colt Company's cash account on August 31 was $19,100 before the bank reconciliation was prepared. After examining the August bank statement

The balance in the Colt Company's cash account on August 31 was $19,100 before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding $4,100 Check from customer returned NSF 100 Note collected by bank for the Colt Company 1,550 Deposits outstanding 3,600 Bank service fees 60.

What is the amount of cash that should be reported in the balance sheet as of August 31?

$18,940

$20,490

$20,590

$18,600

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

More Books

Students also viewed these Accounting questions