Mercury Company’s unadjusted book balance at September 30 is $722. If the company's accountant mistakenly recorded a $18 check as $81. After correcting the mistake, Mercury Company would show a cash balance of $______
Mercury Company’s unadjusted book balance at September 30 is $722. If the company's accountant mistakenly recorded a $18 check as $81. After correcting the mistake, Mercury Company would show a cash balance of $______
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mercury Company’s unadjusted book balance at September 30 is $722. If the company's accountant mistakenly recorded a $18 check as $81. After correcting the mistake, Mercury Company would show a cash balance of $______
Expert Solution
Step 1
The rule of correcting the cash balnace state that if you add more then you should deduct the excess amount and if you less then you should add the differential amount in the balance of cash.
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