37)At Dec 31, Michael Corp has the following bank information Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300

37)At Dec 31, Michael Corp has the following bank information Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for interest $50 Bank service charge $25 What is Michael's adjusted cash balance on Dec 31? A)$5,425. B)$4,425. C)$5,325. D)$5,300

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 7EA: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:...

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

37)At Dec 31, Michael Corp has the following bank information:
Cash balance per bank $4,500
Outstanding checks $200
Deposits in transit $1,000
Credit memo for interest $50
Bank service charge $25
What is Michael's adjusted cash balance on Dec 31?
A)$5,425.
B)$4,425.
C)$5,325.
D)$5,300

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