Owen Company's unadjusted book balance at June 30 is $10,640. The company's bank statement reveals bank service charges of $70. Two credit memos areincluded in the bank statement: one for $1,100, which represents a collection that the bank made for Owen, and one for $100, which represents the amount of interestthat Owen had earned on its interest-bearing account in June. What is the true cash balance?Multiple Choice$11,910$11,770$10,640$11,640

Answered: Multiple Choice $11,910 $11,770 $10,640

Business

Accounting

Multiple Choice $11,910 $11,770 $10,640

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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Question

Owen Company's unadjusted book balance at June 30 is $10,640. The company's bank statement reveals bank service charges of $70. Two credit memos are
included in the bank statement: one for $1,100, which represents a collection that the bank made for Owen, and one for $100, which represents the amount of interest
that Owen had earned on its interest-bearing account in June. What is the true cash balance?
Multiple Choice
$11,910
$11,770
$10,640
$11,640

Expert Solution

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Banks maintain the account of the account holder but some time they give unadjusted balances due to the fact some entries are done later due to which mismatch happens to exist.

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