The cash account shows a balance of $42,000 before reconciliation. The bank statement does not include a deposit of $7,400 made on the last day of the month. The bank statement shows a collection by the bank of $4,969 and a customer’s check for $1,100 was returned because it was NSF. A customer’s check for $1,380 was recorded on the books as $1,830, and a check written for $318 was recorded as $387. The correct balance in the cash account was Select one: a. $45,347. b. The answer does not exist c. $45,473. d. $54,673. e. $46,573.
The cash account shows a balance of $42,000 before reconciliation. The bank statement does not include a deposit of $7,400 made on the last day of the month. The bank statement shows a collection by the bank of $4,969 and a customer’s check for $1,100 was returned because it was NSF. A customer’s check for $1,380 was recorded on the books as $1,830, and a check written for $318 was recorded as $387. The correct balance in the cash account was Select one: a. $45,347. b. The answer does not exist c. $45,473. d. $54,673. e. $46,573.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The cash account shows a balance of $42,000 before reconciliation. The bank statement does not include a deposit of $7,400 made on the last day of the month. The bank statement shows a collection by the bank of $4,969 and a customer’s check for $1,100 was returned because it was NSF. A customer’s check for $1,380 was recorded on the books as $1,830, and a check written for $318 was recorded as $387. The correct balance in the cash account was
Select one:
a. $45,347.
b. The answer does not exist
c. $45,473.
d. $54,673.
e. $46,573.
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