Question

In: Accounting

The balance in the Colt Company's Cash account on August 31 was $19,700, before the bank...

The balance in the Colt Company's Cash account on August 31 was $19,700, before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found:

Checks outstanding $4,300
Check from customer returned NSF 140
Note collected by bank for the Colt Company 1,200
Deposits outstanding 1,800
Bank service fees 60


What is the amount of cash that should be reported in the balance sheet as of August 31?

rev: 02_28_2019_QC_CS-161029

A)$22,200.

B)$20,700.

C)$17,200.

D)$18,700.

Solutions

Expert Solution

calculate adjusted cash

cash before reconciliation 19700
NSF Check -140
Notes collected 1200
Less: Bank service fees -60
Adjusted cash balance 20700

So answer is b) $20700

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,236. The balance shown on the bank statement on the same date was $13,172. Notes The firm’s records indicate that a $1,400 deposit dated August 30 and a $696 deposit dated August 31 do not appear on the bank statement. A service charge of $8 and a debit memorandum of $295 covering an NSF check have not yet been...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,981. The balance shown on the bank statement on the same date was $13,897. Notes The firm’s records indicate that a $1,500 deposit dated August 30 and a $701 deposit dated August 31 do not appear on the bank statement. A service charge of $8 and a debit memorandum of $270 covering an NSF check have not yet been...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,343. The balance shown on the bank statement on the same date was $13,232. Notes The firm’s records indicate that a $1,520 deposit dated August 30 and a $708 deposit dated August 31 do not appear on the bank statement. A service charge of $7 and a debit memorandum of $355 covering an NSF check have not yet been...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,300. The balance shown on the bank statement on the same date was $13,207. Notes The firm’s records indicate that a $1,470 deposit dated August 30 and a $703 deposit dated August 31 do not appear on the bank statement. A service charge of $9 and a debit memorandum of $330 covering an NSF check have not yet been...
On August 31, 20X1, the balance in the checkbook and the Cash account of the Dry...
On August 31, 20X1, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,263. The balance shown on the bank statement on the same date was $13,187. Notes The firms records indicate that a $1,430 deposit dated August 30 and a $699 deposit dated August 31 do not appear on the bank statement. A service charge of $8 and a debit memorandum of $310 covering an NSF check have not yet been...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,362. The balance shown on the bank statement on the same date was $13,242. Notes The firms records indicate that a $1,540 deposit dated August 30 and a $710 deposit dated August 31 do not appear on the bank statement. A service charge of $8 and a debit memorandum of $365 covering an NSF check have not yet been...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,253. The balance shown on the bank statement on the same date was $13,182. Notes The firm’s records indicate that a $1,420 deposit dated August 30 and a $698 deposit dated August 31 do not appear on the bank statement. A service charge of $7 and a debit memorandum of $305 covering an NSF check have not yet been...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,327. The balance shown on the bank statement on the same date was $13,222. Notes The firm’s records indicate that a $1,500 deposit dated August 30 and a $706 deposit dated August 31 do not appear on the bank statement. A service charge of $9 and a debit memorandum of $345 covering an NSF check have not yet been...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry...
On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,370. The balance shown on the bank statement on the same date was $13,247. Notes The firm’s records indicate that a $1,550 deposit dated August 30 and a $711 deposit dated August 31 do not appear on the bank statement. A service charge of $7 and a debit memorandum of $370 covering an NSF check have not yet been...
The cash account shows a balance of $85,000 before reconciliation. The bank statement does not
The cash account shows a balance of $85,000 before reconciliation. The bank statement does not include a deposit of $5,000 made on the last day of the month. The bank statement shows a collection by the bank of $2,400 and a customer’s check for $680 was returned because it was NSF. A customer’s check for $900 was recorded on the books as $1,080, and a check written for $138 was recorded as $183. The correct balance in the cash account...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT