Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following to answer questions 9 -11 At the end of the month, the general ledger of the company shows a balance for cash

image text in transcribed
Use the following to answer questions 9 -11 At the end of the month, the general ledger of the company shows a balance for cash of $50,000. Cash receipts yet to be deposited into the checking account total $12,000, while checks written by the company but not yet processed by the bank total \$18,000. The company's balance of cash does not reflect a NSF check of $600, a service fee of $20 and interest earned of \$50 and a customer's payment collected by the bank of $1,000; however, these amounts are included in the balance of cash of $56,430 reported by the bank as of the end of the month. Answer the following based on the process of doing the bank reconciliation: 9. $ Determine the total amount that is used to reconcile the Bank balance (include "-" if needed): 10. $ Determine the total amount that is used to reconcile the Company cash balance (include "_." if needed) 11. What is the balance in the company's cash account after the reconciliation

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

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald W. Hilton

11th edition

125956956X, 978-1259569562

More Books

Students also viewed these Accounting questions