Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted cash account balance for a company at December 31, 2014 is $15,926. The bank statement showed a balance of $20,700 on this

image text in transcribed

The unadjusted cash account balance for a company at December 31, 2014 is $15,926. The bank statement showed a balance of $20,700 on this same date. The following information is available: Bank Service Charge $ 6 NSF check from customer $ 324 Deposit in transit $ 1,576 In addition, two other items were discovered: Check #433 for the purchase of inventory was written correctly and paid by the bank correctly for $463, but was recorded on the books at $643. Outstanding checks at the end of November were $3,500; checks written by the company during December were $60,000; checks cleared by the bank during December were $57,000. What is the true cash balance at December 31, 2014? $15,416 $14,200 $15,776 $16,100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

15th edition

1259404781, 007802563X, 978-1259404788, 9780078025631, 978-0077522940

Students also viewed these Accounting questions