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If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month-end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month- end is a. $20,500 b. $43,500 c. $28,500 d. $27,500

If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month-end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month- end is a. $20,500 b. $43,500 c. $28,500 d. $27,500

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 3MC
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Hello tutor please help with calculation
If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month-end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month- end is a. $20,500 b. $43,500 c. $28,500 d. $27,500
Transcribed Image Text:If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month-end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month- end is a. $20,500 b. $43,500 c. $28,500 d. $27,500
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