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In preparing its May 31, 2012 bank reconciliation, Ginger Co. has the following information available: Balance per bank statement, 5/31/12 $35,000 Deposit in transit, 5/31/12 $5,400 Outstanding checks, 5/31/12 $4,900 Note collected by bank in May $1,250 The correct balance of cash at May 31, 2012, is: a. $40,400 b. $34,250 c. $35,500 d. $36,750

In preparing its May 31, 2012 bank reconciliation, Ginger Co. has the following information available: Balance per bank statement, 5/31/12 $35,000 Deposit in transit, 5/31/12 $5,400 Outstanding checks, 5/31/12 $4,900 Note collected by bank in May $1,250 The correct balance of cash at May 31, 2012, is: a. $40,400 b. $34,250 c. $35,500 d. $36,750

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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In preparing its May 31, 2012 bank reconciliation, Ginger Co. has the following information available: Balance per bank statement, 5/31/12 $35,000 Deposit in transit, 5/31/12 $5,400 Outstanding checks, 5/31/12 $4,900 Note collected by bank in May $1,250 The correct balance of cash at May 31, 2012, is: a. $40,400 b. $34,250 c. $35,500 d. $36,750
Transcribed Image Text:In preparing its May 31, 2012 bank reconciliation, Ginger Co. has the following information available: Balance per bank statement, 5/31/12 $35,000 Deposit in transit, 5/31/12 $5,400 Outstanding checks, 5/31/12 $4,900 Note collected by bank in May $1,250 The correct balance of cash at May 31, 2012, is: a. $40,400 b. $34,250 c. $35,500 d. $36,750
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