On May 31st, Company O's General ledger shows a cash balance of $5123. The May 31...

On May 31st, Company O's General ledger shows a cash balance of $5123. The May 31 bank statement shows a balance of $4905. Other information is available as follows:

1. A May 31 deposit of $300 does not appear on the bank statement; but a $3 service charge does.

2. A customer's $40 insufficient funds check has been returned with the bank statement.

3. Outstanding checks of $10, 15 and $100 are identified on May

What is the correct cash balance for May 31?

A. $4905 B $5080 C $5166 D.$5204

Solutions

Expert Solution

ANSWER: B- $ 5080
Cash balance as per General Ledger	5123
Less: Bank Service Charges	-3
Less: NSF check	-40
Correct cash balance for May 31	5080

ekkarill92 answered 2 years ago

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