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

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

Section: Chapter Questions

Problem 1Q

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