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1. Annapolis Company's bank statement indicated en ending cash balance of $9,340. Alpha's accountant discovered that outstanding checks amounted to $515 and deposits in transit were $680. Additionally, the bank statement showed service charges of $30. What is the correct adjusted ending cash balance? 2. After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to a. Bank Service Charge Expense b. Cash c. Petty Cash d. Cash Short and Over e. None of the above

1. Annapolis Company's bank statement indicated en ending cash balance of $9,340. Alpha's accountant discovered that outstanding checks amounted to $515 and deposits in transit were $680. Additionally, the bank statement showed service charges of $30. What is the correct adjusted ending cash balance? 2. After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to a. Bank Service Charge Expense b. Cash c. Petty Cash d. Cash Short and Over e. None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Annapolis Company's bank statement indicated en ending cash balance of $9,340. Alpha's accountant discovered that outstanding checks amounted to $515 and deposits in transit were $680. Additionally, the bank statement showed service charges of $30. What is the correct adjusted ending cash balance? 2. After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to a. Bank Service Charge Expense b. Cash c. Petty Cash d. Cash Short and Over e. None of the above
Transcribed Image Text:1. Annapolis Company's bank statement indicated en ending cash balance of $9,340. Alpha's accountant discovered that outstanding checks amounted to $515 and deposits in transit were $680. Additionally, the bank statement showed service charges of $30. What is the correct adjusted ending cash balance? 2. After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to a. Bank Service Charge Expense b. Cash c. Petty Cash d. Cash Short and Over e. None of the above
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