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Question: 423 Marlon, Inc., reported a balance of $143 in its cash account at the end of the month There were $120 of deposits in transit and $115 of checks outstanding The bank statement showed a balance of $150, service charges of $6, and the collection of a note plus interest The note had a face value of $15. How much interest did the bank collect for the company? a. $18 b. $ 3 c. $24 d. $12

Question: 423 Marlon, Inc., reported a balance of $143 in its cash account at the end of the month There were $120 of deposits in transit and $115 of checks outstanding The bank statement showed a balance of $150, service charges of $6, and the collection of a note plus interest The note had a face value of $15. How much interest did the bank collect for the company? a. $18 b. $ 3 c. $24 d. $12

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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Question: 423 Marlon, Inc., reported a balance of $143 in its cash account at the end of the month There were $120 of deposits in transit and $115 of checks outstanding The bank statement showed a balance of $150, service charges of $6, and the collection of a note plus interest The note had a face value of $15. How much interest did the bank collect for the company? a. $18 b. $ 3 c. $24 d. $12
Transcribed Image Text:Question: 423 Marlon, Inc., reported a balance of $143 in its cash account at the end of the month There were $120 of deposits in transit and $115 of checks outstanding The bank statement showed a balance of $150, service charges of $6, and the collection of a note plus interest The note had a face value of $15. How much interest did the bank collect for the company? a. $18 b. $ 3 c. $24 d. $12
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