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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

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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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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