Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the following information determine the amount of cash that should be reported in the balance sheet for August 31. Answer to nearest whole dollar

Using the following information determine the amount of cash that should be reported in the balance sheet for August 31. Answer to nearest whole dollar without any commas or decimal points eg. 1000 not 1,000.00 Enter a negative number as -10 not (10).

Deposit in transit

635

Balance per bank statement

5,685

Bank service charges

53

Checks outstanding

436

NSF check returned

76

Deposit of $1,100 recorded by company as $1,010

1,276

Selected Answer:

0

Correct Answer:

5,884 0

Response Feedback:

From the bank statement balance add the deposit in transit and subtract outstanding checks.

The general ledger account would need to be adjusted for the error, the bank service fee, and the NSF che

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

Fundamental Accounting Principles Volume I

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

978-1260305821

More Books

Students also viewed these Accounting questions

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago

Question

Go, do not wait until I come

Answered: 1 week ago

Question

Make eye contact when talking and listening

Answered: 1 week ago