Time Remaining 1 hour 28 minutes 35 seconds

01:28:35

Item 6

Time Remaining 1 hour 28 minutes 35 seconds

01:28:35

Which of the following is true about how Trade Accounts Receivable is reported:

Multiple Choice

• Present value of future cash receipts.

• Current value less expected collection costs.

• Expected amount to be collected.

• Current value plus accrued interest

Ray & john Tailors cash accounts are as follows: at the end of May, the general ledger checking account showed a balance of $1,440 and the bank statement showed a bank balance of $1,365. Outstanding checks totaled $390 and deposits in transit were $190. The bank statement listed service charges of $70 and NSF checks totaling $205. The corrected cash balance is:

Multiple Choice

• $1,365.

• $1,165.

• $890.

• $960.