Duke Company's unadjusted bank balance at March 31 is $3,850. The bank reconciliation revealed outstanding checks amounting to $580 and deposits in transit of$460. What is the true cash balance?Multiple Choice$3,730$3,530$3,930$4,230

Answered: Duke Company's unadjusted bank balance…

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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Question

Duke Company's unadjusted bank balance at March 31 is $3,850. The bank reconciliation revealed outstanding checks amounting to $580 and deposits in transit of
$460. What is the true cash balance?
Multiple Choice
$3,730
$3,530
$3,930
$4,230

Expert Solution

Step 1

Bank reconciliation statement

A bank reconciliation statement compares an entity's bank account with its financial records by providing a summary of banking and business activity. The statement lists all transactions involving a bank account for a given time period, including deposits, withdrawals, and other activity.

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