The Cash account of Rettell Corporation had a balance of $3,570 at October 31, 2021. Included were outstanding checks totaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Parway State Bank, listed an October 31 balance of $5,540. Included in the bank balance was an October 30 collection of $529 on account from a customer who pays the bank directly. The bank statement also showed a $34 service charge, $15 of interest revenue that Rettell earned on its bank balance, and an NSF check for $40. Prepare a bank reconciliation to determine how much cash Rettell actually had at October 31.

The Cash account of Rettell Corporation had a balance of $3,570 at October 31, 2021. Included were outstanding checks totaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement. The bank statement, which came from Parway State Bank, listed an October 31 balance of $5,540. Included in the bank balance was an October 30 collection of $529 on account from a customer who pays the bank directly. The bank statement also showed a $34 service charge, $15 of interest revenue that Rettell earned on its bank balance, and an NSF check for $40. Prepare a bank reconciliation to determine how much cash Rettell actually had at October 31.

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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