Kevin Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 - 3,000,000 Add: Deposit in transit - 400,000 Less: Outstanding checks -900,000 Balance per book, June 30 - 2,500,000 The bank statement for the month of July showed the following: Deposits, including 200,000 note collected for Kevin - 9,000,000 Disbursements, including 140,000 NSF customer check and 10,000 service charge - 7,000,000 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled 600,000 and the deposit in transit amounted to 1,000,000 on July 31. What is the cash balance per book on July 31? Select the correct response: 4,500,000 5,550,000 5,350,000 5,400,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Kevin Company had the following bank reconciliation on June 30:
Balance per bank statement, June 30 - 3,000,000
Add: Deposit in transit - 400,000
Less: Outstanding checks - 900,000
Balance per book, June 30 - 2,500,000
nts
The bank statement for the month of July showed the following:
Deposits, including 200,000 note collected for Kevin - 9,000,000
Disbursements, including 140,000 NSF customer check and 10,000 service charge -7,000,000
es
All reconciling items on June 30 cleared through the bank in July.
The outstanding checks totaled 600,000 and the deposit in transit amounted to 1,000,000 on July 31.
What is the cash balance per book on July 31?
Select the correct response:
4,500,000
ses
5,550,000
23
5,350,000
nd
er
22)
5,400,000
( PreviouS
Transcribed Image Text:Kevin Company had the following bank reconciliation on June 30: Balance per bank statement, June 30 - 3,000,000 Add: Deposit in transit - 400,000 Less: Outstanding checks - 900,000 Balance per book, June 30 - 2,500,000 nts The bank statement for the month of July showed the following: Deposits, including 200,000 note collected for Kevin - 9,000,000 Disbursements, including 140,000 NSF customer check and 10,000 service charge -7,000,000 es All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled 600,000 and the deposit in transit amounted to 1,000,000 on July 31. What is the cash balance per book on July 31? Select the correct response: 4,500,000 ses 5,550,000 23 5,350,000 nd er 22) 5,400,000 ( PreviouS
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