Answered step by step
Verified Expert Solution
Question
1 Approved Answer
what is the balance in cash if the entry to correct the insurance payment hasnt been made? Revise your worksheet to reflect the following transactions
what is the balance in cash if the entry to correct the insurance payment hasnt been made?
Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1 Cash on hand at the company and not yet deposited at the bank. 2 EPT for monthly utility bill not yet recorded by the company. 3 Note collected by the bank and not yet recorded by the company. Interest collected by the bank from note in #3 not yet recorded by the company. 5 A check witten for insurance expense for $90 was cashed. The check was recorded on the books for $160. 6 Checks written by the company but not yet processed by the bank. 7 Service fee charged by bank but not yet recorded by the company. B Customer checks determined by the bank to have monsufficient funds. Bank balance at the end of the period. Company balance at the end of the period. 5.000 1,500 9.800 1,300 2 2.800 100 2,800 19,220 14,640 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started