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Bedford Market's accountant is preparing its the following data: May 1 balance May deposits May checks Note collected (includes 10% interest) May service charge May 31 balance Per Books $11,600 24,600 27,800 Per Bank $10,000 21,200 29,000 4,400 og 20 6,580 8,400 Additionally, deposits in transit and outstanding checks on April 30 were $4,400 and $2,800, respectively. All the deposits in transit and outstanding checks as of April 30 cleared through the bank in May. The correct balance for cash at May 31 should be

Bedford Market's accountant is preparing its the following data: May 1 balance May deposits May checks Note collected (includes 10% interest) May service charge May 31 balance Per Books $11,600 24,600 27,800 Per Bank $10,000 21,200 29,000 4,400 og 20 6,580 8,400 Additionally, deposits in transit and outstanding checks on April 30 were $4,400 and $2,800, respectively. All the deposits in transit and outstanding checks as of April 30 cleared through the bank in May. The correct balance for cash at May 31 should be

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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4. Bedford Market's accountant the following data: is preparing its May bank reconciliation and has collected 161 027) (SCUS IA) Per Books May 1 balance May deposits May checks Note collected (includes 10% interest) May service charge May 31 balance $11,600 24,600 27,800 Per Bank $10,000 21,200 29,000 4,400 20 6,580 8,400 Additionally, deposits in transit and outstanding checks on April 30 were $4,400 and $2,800, respectively. All the deposits in transit and outstanding checks as of April 30 cleared through the bank in May. The correct balance for cash at May 31 should be a. $10,960 b. $12,780 c. $11,180 d. $13,980
Transcribed Image Text:4. Bedford Market's accountant the following data: is preparing its May bank reconciliation and has collected 161 027) (SCUS IA) Per Books May 1 balance May deposits May checks Note collected (includes 10% interest) May service charge May 31 balance $11,600 24,600 27,800 Per Bank $10,000 21,200 29,000 4,400 20 6,580 8,400 Additionally, deposits in transit and outstanding checks on April 30 were $4,400 and $2,800, respectively. All the deposits in transit and outstanding checks as of April 30 cleared through the bank in May. The correct balance for cash at May 31 should be a. $10,960 b. $12,780 c. $11,180 d. $13,980
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