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LANNY COMPANY'S CASH ACCOUNT SHOWS AN ENDING BALANCE OF $770. THE BANK STATEMENT SHOWS A $20 SERVICE CHARGE AND AN NSF CHECK FOR $100. A $250 DEPOSIT IS IN TRANSIT, AND OUTSTANDING CHECKS TOTAL $400. WHAT IS NAVARRO'S ADJUSTED CASH BALANCE? A. $1,050 B. $650 C. $680 D. $530 E. NONE OF THE ABOVE

LANNY COMPANY'S CASH ACCOUNT SHOWS AN ENDING BALANCE OF $770. THE BANK STATEMENT SHOWS A $20 SERVICE CHARGE AND AN NSF CHECK FOR $100. A $250 DEPOSIT IS IN TRANSIT, AND OUTSTANDING CHECKS TOTAL $400. WHAT IS NAVARRO'S ADJUSTED CASH BALANCE? A. $1,050 B. $650 C. $680 D. $530 E. NONE OF THE ABOVE

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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LANNY COMPANY'S CASH ACCOUNT SHOWS AN ENDING BALANCE OF $770. THE BANK STATEMENT SHOWS A $20 SERVICE CHARGE AND AN NSF CHECK FOR $100. A $250 DEPOSIT IS IN TRANSIT, AND OUTSTANDING CHECKS TOTAL $400. WHAT IS NAVARRO'S ADJUSTED CASH BALANCE? A. $1,050 B. $650 C. $680 D. $530 E. NONE OF THE ABOVE
Transcribed Image Text:LANNY COMPANY'S CASH ACCOUNT SHOWS AN ENDING BALANCE OF $770. THE BANK STATEMENT SHOWS A $20 SERVICE CHARGE AND AN NSF CHECK FOR $100. A $250 DEPOSIT IS IN TRANSIT, AND OUTSTANDING CHECKS TOTAL $400. WHAT IS NAVARRO'S ADJUSTED CASH BALANCE? A. $1,050 B. $650 C. $680 D. $530 E. NONE OF THE ABOVE
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