1) On May 31, Money Corporation's Cash account showed a balance of $17,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items : 1,950 Checks outstanding Deposits outstanding NSF check from a customer 3,700 170 Service fees 105 Error: Money Corporation wrote a check for $70 but recorded it incorrectly for $700. What is the amount of cash that should be reported in the company's balance sheet as of May 31?
1) On May 31, Money Corporation's Cash account showed a balance of $17,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items : 1,950 Checks outstanding Deposits outstanding NSF check from a customer 3,700 170 Service fees 105 Error: Money Corporation wrote a check for $70 but recorded it incorrectly for $700. What is the amount of cash that should be reported in the company's balance sheet as of May 31?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1) On May 31, Money Corporation's Cash account showed a balance of $17,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items : 1,950 Checks outstanding Deposits outstanding NSF check from a customer 3,700 170 Service fees 105 Error: Money Corporation wrote a check for $70 but recorded it incorrectly for $700. What is the amount of cash that should be reported in the company's balance sheet as of May 31?
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