Exercise Determining the true cash balance, starting with the unadjusted bank balance The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $81,500. 2. Deposits in transit on June 30 were $3,150. 3. A debit memo was included with the bank statement for a service charge of $40. 4. A $5,611 check written in June had not been paid by the bank. 5. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $900, and the interest collected amounted to $50. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)

Exercise Determining the true cash balance, starting with the unadjusted bank balance The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $81,500. 2. Deposits in transit on June 30 were $3,150. 3. A debit memo was included with the bank statement for a service charge of $40. 4. A $5,611 check written in June had not been paid by the bank. 5. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $900, and the interest collected amounted to $50. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true 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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