At August 31, Swifty Corporatiòn has a cash balance per books of $7,820 and the following additional data from the bank statement: charge for printing Swifty Corporation checks $42 and interest earned on checking account balance $46. In addition, Swifty Corporation has outstanding checks of $820. Determine the adjusted cash balance per books at August 31. Adjusted cash balance per books $

At August 31, Swifty Corporatiòn has a cash balance per books of $7,820 and the following additional data from the bank statement: charge for printing Swifty Corporation checks $42 and interest earned on checking account balance $46. In addition, Swifty Corporation has outstanding checks of $820. Determine the adjusted cash balance per books at August 31. Adjusted cash balance per books $

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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A company's Cash account shows a balance of $3,420 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($400), a customer's note receivable collected by the bank $(1,400), and interest earned $(170). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Using the following information, determine the adjusted bank balance. Bank balance: $6,925 Deposits in transit: $1,932 Outstanding checks: $584 Interest income: $130 NSF check: $275
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