Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
See similar textbooks
icon
Related questions
Question

I want the Correct Answer please give it to me in text Format

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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS