On June 30, 2021, the bank's records say that your company has $12,956.73 in its chequing account. You are aware of three outstanding cheques for a total of $2,112.19. During June 2021, the bank rejected two deposited cheques from customers totalling $654.19 because of insufficient funds and charged you $12.00 in service fees. You had not yet received notice about the bad cheques, but you were aware of and have recorded the $12.00 of service fees. Prior to adjustment on June 30, 2021, your Cash account should have a balance of: Multiple Choice $14,402.73. $15,711.11. $11,498.73.

On June 30, 2021, the bank's records say that your company has $12,956.73 in its chequing account. You are aware of three outstanding cheques for a total of $2,112.19. During June 2021, the bank rejected two deposited cheques from customers totalling $654.19 because of insufficient funds and charged you $12.00 in service fees. You had not yet received notice about the bad cheques, but you were aware of and have recorded the $12.00 of service fees. Prior to adjustment on June 30, 2021, your Cash account should have a balance of: Multiple Choice $14,402.73. $15,711.11. $11,498.73.

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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