Marietta College b us gasp require which fair + reconnect mheducation.comflowlco

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Marietta College b us gasp require which fair + reconnect mheducation.comflowlconnect htm Chopter 7 Quiz Help Save &Exit Su 9 Alvin Electronics is in the process of reconciling its bank account for the month of November. The following information is avail able: $8,325 2,480 1,215 35 Balance per bank statement 0202)outstanding checks Deposits outstanding Bank service charges for November Check written by Alvin for $388 but recorded incorrectly by Alvin as a $30 disbursement. What should be the corrected cash balance at the end of November? Mutiple Choice

Explanation / Answer

Reconciliation of the bank account of Alvin Electronics for the month of November

Opening Balance as per bank statment $ 8325

LESS: (amounts to be debited i.e, deducted to the Bank account)

Outstanding Checks $ 2400

Bank Charges for November $ 35

Additional amount to be debited for wrong amount recorded $ 270

( $ 300-$ 30)

Total amount to be debited ($ 2705)

ADD:(Amount to be credited i.e added to the bank account)

Deposits pending $ 1215

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Closing balance for the month of November $ 6835

Hence, the answer is option C $ 6835.

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