A company's cash account has a balance of $851 as of July 31. The bank statement for this account reports a balance of $1,430 as of July 31. There are outstanding checks totaling $840 and a deposit in transit of $60. The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90. What is the reconciled cash balance that should be reported on the company's balance sheet as of July 31?
A company's cash account has a balance of $851 as of July 31. The bank statement for this account reports a balance of $1,430 as of July 31. There are outstanding checks totaling $840 and a deposit in transit of $60. The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90. What is the reconciled cash balance that should be reported on the company's balance sheet as of July 31?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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![A company's cash account has a balance of $851 as of July 31.
The bank statement for this account reports a balance of
$1,430 as of July 31. There are outstanding checks totaling
$840 and a deposit in transit of $60. The bank statement
shows interest earned of $19, service charges of $30, a
customer's returned check of $100, and a check printing fee
of $90. What is the reconciled cash balance that should be
reported on the company's balance sheet as of July 31?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d92ddbc-362a-4b4d-9adc-2babc6a9f1c3%2F96b972a2-035b-4ddb-a885-7bf9d36ed0c9%2Flcf12l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A company's cash account has a balance of $851 as of July 31.
The bank statement for this account reports a balance of
$1,430 as of July 31. There are outstanding checks totaling
$840 and a deposit in transit of $60. The bank statement
shows interest earned of $19, service charges of $30, a
customer's returned check of $100, and a check printing fee
of $90. What is the reconciled cash balance that should be
reported on the company's balance sheet as of July 31?
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