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The following information is about the cash balances for Mooner Sooner Inc.: Company balance: $5,020 Bank balance: $8,000 Checks outstanding: $5,800 Note collected by the bank: $1,500 Service fee: $20 Deposits outstanding: $4,000 NSF check (bad check) returned for $300 The ending cash balance for Mooner Sooner Inc. is $6,200

The following information is about the cash balances for Mooner Sooner Inc.: Company balance: $5,020 Bank balance: $8,000 Checks outstanding: $5,800 Note collected by the bank: $1,500 Service fee: $20 Deposits outstanding: $4,000 NSF check (bad check) returned for $300 The ending cash balance for Mooner Sooner Inc. is $6,200

FINANCIAL ACCOUNTING
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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The following information is about the cash balances for Mooner Sooner Inc.: Company balance: $5,020 Bank balance: $8,000 Checks outstanding: $5,800 Note collected by the bank: $1,500 Service fee: $20 Deposits outstanding: $4,000 NSF check (bad check) returned for $300 The ending cash balance for Mooner Sooner Inc. is $6,200 Record entries to update the balance of cash in the company's records: Debit [Select] [Select] [Select] [Select] [Select] > [Select] [Select] [Select] Credit [Select] [Select]
Transcribed Image Text:The following information is about the cash balances for Mooner Sooner Inc.: Company balance: $5,020 Bank balance: $8,000 Checks outstanding: $5,800 Note collected by the bank: $1,500 Service fee: $20 Deposits outstanding: $4,000 NSF check (bad check) returned for $300 The ending cash balance for Mooner Sooner Inc. is $6,200 Record entries to update the balance of cash in the company's records: Debit [Select] [Select] [Select] [Select] [Select] > [Select] [Select] [Select] Credit [Select] [Select]
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