ank Reconciliation Sarrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconciliation as of May 31 and h ound the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance $11,480 Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check amount was recorded in cash receipts as $470; the bank recorded the amount correctly as $740. Required: What amount will Garrison report as its adjusted cash balance at May 31? 960 190 140

ank Reconciliation Sarrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconciliation as of May 31 and h ound the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance $11,480 Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check amount was recorded in cash receipts as $470; the bank recorded the amount correctly as $740. Required: What amount will Garrison report as its adjusted cash balance at May 31? 960 190 140

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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