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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e497703-e2f0-473f-a5d0-6ab392407dc4%2F0ceb9cbe-c931-4ef8-b500-228c0ecd53ea%2Fod1m1f_processed.jpeg&w=3840&q=75)
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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