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
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0c52734-4940-4b15-9b91-1f3f667f5e2d%2F6857f551-6470-47ad-9636-90b1278649e2%2Fx1gouzs_processed.png&w=3840&q=75)
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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