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THE FOLLOWING INFORMATION IS NEEDED TO RECONCILE THE CASH BALANCE FOR BAKER'S DRY CLEANING, INC. A DEPOSIT OF $5,700 IS IN TRANSIT. OUTSTANDING CHECKS TOTAL $1,300. THE BOOK BALANCE IS $6,400 AT FEBRUARY 28, 2017. THE BOOKKEEPER RECORDED A $1,500 CHECK AS $17,300 IN PAYMENT OF THE CURRENT MONTH'S RENT. THE BANK BALANCE AT FEBRUARY 28, 2017, WAS $16,930. A DEPOSIT OF $300 WAS CREDITED BY THE BANK FOR $3,000. A CUSTOMER'S CHECK FOR $3,500 WAS RETURNED FOR NON-SUFFICIENT FUNDS. THE BANK SERVICE CHARGE IS $70. WHAT WAS THE ADJUSTED BOOK BALANCE? A. $18,630 B. $18,770 C. $17,000 D. $18,700

THE FOLLOWING INFORMATION IS NEEDED TO RECONCILE THE CASH BALANCE FOR BAKER'S DRY CLEANING, INC. A DEPOSIT OF $5,700 IS IN TRANSIT. OUTSTANDING CHECKS TOTAL $1,300. THE BOOK BALANCE IS $6,400 AT FEBRUARY 28, 2017. THE BOOKKEEPER RECORDED A $1,500 CHECK AS $17,300 IN PAYMENT OF THE CURRENT MONTH'S RENT. THE BANK BALANCE AT FEBRUARY 28, 2017, WAS $16,930. A DEPOSIT OF $300 WAS CREDITED BY THE BANK FOR $3,000. A CUSTOMER'S CHECK FOR $3,500 WAS RETURNED FOR NON-SUFFICIENT FUNDS. THE BANK SERVICE CHARGE IS $70. WHAT WAS THE ADJUSTED BOOK BALANCE? A. $18,630 B. $18,770 C. $17,000 D. $18,700

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 NEEDED TO RECONCILE THE CASH BALANCE FOR BAKER'S DRY CLEANING, INC. A DEPOSIT OF $5,700 IS IN TRANSIT. OUTSTANDING CHECKS TOTAL $1,300. THE BOOK BALANCE IS $6,400 AT FEBRUARY 28, 2017. THE BOOKKEEPER RECORDED A $1,500 CHECK AS $17,300 IN PAYMENT OF THE CURRENT MONTH'S RENT. THE BANK BALANCE AT FEBRUARY 28, 2017, WAS $16,930. A DEPOSIT OF $300 WAS CREDITED BY THE BANK FOR $3,000. A CUSTOMER'S CHECK FOR $3,500 WAS RETURNED FOR NON-SUFFICIENT FUNDS. THE BANK SERVICE CHARGE IS $70. WHAT WAS THE ADJUSTED BOOK BALANCE? A. $18,630 B. $18,770 C. $17,000 D. $18,700
Transcribed Image Text:THE FOLLOWING INFORMATION IS NEEDED TO RECONCILE THE CASH BALANCE FOR BAKER'S DRY CLEANING, INC. A DEPOSIT OF $5,700 IS IN TRANSIT. OUTSTANDING CHECKS TOTAL $1,300. THE BOOK BALANCE IS $6,400 AT FEBRUARY 28, 2017. THE BOOKKEEPER RECORDED A $1,500 CHECK AS $17,300 IN PAYMENT OF THE CURRENT MONTH'S RENT. THE BANK BALANCE AT FEBRUARY 28, 2017, WAS $16,930. A DEPOSIT OF $300 WAS CREDITED BY THE BANK FOR $3,000. A CUSTOMER'S CHECK FOR $3,500 WAS RETURNED FOR NON-SUFFICIENT FUNDS. THE BANK SERVICE CHARGE IS $70. WHAT WAS THE ADJUSTED BOOK BALANCE? A. $18,630 B. $18,770 C. $17,000 D. $18,700
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