Brangelina Adoption Agency's general ledger shows a cash balance of $11,701. The balance of cash in the March-end bank statement is $7,349. A review of the bank statement reveals the following additional information: deposits outstanding of $2,807 bank service fees of $78, and unrecorded electronic funds transfer for utilities of $1,467. Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.) Bank balance Deposits outstanding Cash balance per reconciliation $ $ 7,349 Company balance (2,807) Service fees EFT for utilities 4,542 Cash balance per reconciliation $ 11,701 (78) 1,467
Brangelina Adoption Agency's general ledger shows a cash balance of $11,701. The balance of cash in the March-end bank statement is $7,349. A review of the bank statement reveals the following additional information: deposits outstanding of $2,807 bank service fees of $78, and unrecorded electronic funds transfer for utilities of $1,467. Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.) Bank balance Deposits outstanding Cash balance per reconciliation $ $ 7,349 Company balance (2,807) Service fees EFT for utilities 4,542 Cash balance per reconciliation $ 11,701 (78) 1,467
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Vishnu
Transcribed Image Text:Brangelina Adoption Agency's general ledger shows a cash balance of $11,701. The balance of cash in the March-end bank
statement is $7,349. A review of the bank statement reveals the following additional information: deposits outstanding of $2,807,
bank service fees of $78, and unrecorded electronic funds transfer for utilities of $1,467.
Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.)
Bank balance
Deposits outstanding
Cash balance per reconciliation
$
$
7,349 Company balance
(2,807) Service fees
EFT for utilities
4,542 Cash balance per reconciliation
$
11,701
(78)
1,467
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education