Question: You are doing a bank reconciliation for May, 20x1. You have a $2,785 unadjusted ledger cash balance and the following data: -Outstanding checks: No. 719, $200; No. 727, $800; No, 732, $625 -Deposits in transit, $1,200 -Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550 -NSF check from a customer, $500 -Bank service charge for May, $5 -Balance per bank statement, $2,750 What dollar amount should be deducted from the balance per books? a. $460 b. $505 c. $550 d. $1,625
Question: You are doing a bank reconciliation for May, 20x1. You have a $2,785 unadjusted ledger cash balance and the following data: -Outstanding checks: No. 719, $200; No. 727, $800; No, 732, $625 -Deposits in transit, $1,200 -Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550 -NSF check from a customer, $500 -Bank service charge for May, $5 -Balance per bank statement, $2,750 What dollar amount should be deducted from the balance per books? a. $460 b. $505 c. $550 d. $1,625
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Question:
You are doing a bank reconciliation for May, 20x1. You
have a $2,785 unadjusted ledger cash balance and the
following data:
-Outstanding checks: No. 719, $200; No. 727, $800; No,
732, $625
-Deposits in transit, $1,200
-Check No. 742 (for repairs) written for $505 but
incorrectly recorded as $550
-NSF check from a customer, $500
-Bank service charge for May, $5
-Balance per bank statement, $2,750
What dollar amount should be deducted from the
balance per books?
a. $460
b. $505
c. $550
d. $1,625](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F104eb74f-52e6-4ee9-a5a3-25a2937ee867%2F73dce80b-5c5e-4bed-bf04-266028a4e780%2Ffqscool_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question:
You are doing a bank reconciliation for May, 20x1. You
have a $2,785 unadjusted ledger cash balance and the
following data:
-Outstanding checks: No. 719, $200; No. 727, $800; No,
732, $625
-Deposits in transit, $1,200
-Check No. 742 (for repairs) written for $505 but
incorrectly recorded as $550
-NSF check from a customer, $500
-Bank service charge for May, $5
-Balance per bank statement, $2,750
What dollar amount should be deducted from the
balance per books?
a. $460
b. $505
c. $550
d. $1,625
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