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For Accurate Co. • The February bank statement shows a balance of $50,000 at February 29th • Outstanding cheques at February 29th are $20,000 • A deposit of $8,000 made on February 28th is in transit and had not cleared the bank by February 29th • A cheque for $500, actually written by Wrong Co., was erroneously charged by the bank against Accurate's account The correct adjusted cash balance for Accurate Co, at the month end is:

For Accurate Co. • The February bank statement shows a balance of $50,000 at February 29th • Outstanding cheques at February 29th are $20,000 • A deposit of $8,000 made on February 28th is in transit and had not cleared the bank by February 29th • A cheque for $500, actually written by Wrong Co., was erroneously charged by the bank against Accurate's account The correct adjusted cash balance for Accurate Co, at the month end is:

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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For Accurate Co. • The February bank statement shows a balance of $50,000 at February 29th • Outstanding cheques at February 29th are $20,000 • A deposit of $8,000 made on February 28th is in transit and had not cleared the bank by February 29th • A cheque for $500, actually written by Wrong Co., was erroneously charged by the bank against Accurate's account The correct adjusted cash balance for Accurate Co, at the month end is: Multiple Choice о O о O $57,500 $42,500 $25,500 None of the other alternatives are correct $38,500
Transcribed Image Text:For Accurate Co. • The February bank statement shows a balance of $50,000 at February 29th • Outstanding cheques at February 29th are $20,000 • A deposit of $8,000 made on February 28th is in transit and had not cleared the bank by February 29th • A cheque for $500, actually written by Wrong Co., was erroneously charged by the bank against Accurate's account The correct adjusted cash balance for Accurate Co, at the month end is: Multiple Choice о O о O $57,500 $42,500 $25,500 None of the other alternatives are correct $38,500
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