The following information is available for Trinkle Company for the month of June
ID: 2471907 • Letter: T
Question
The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $53,090. 2. Deposits in transit on June 30 were $2,330. 3. A debit memo was included with the bank statement for a service charge of $15. 4. A $3,127 check written in June had not been paid by the bank. 5. The bank statement included a $850 credit memo for the collection of a note. The principal of the note was $800, and the interest collected amounted to $50. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
Explanation / Answer
Balance as per bank 53,090 Add:deposit in transit 2,330 less:outstanding checks -3,127 Adjusted balance 52,293 since balance as per books is not given we will use bank balance to determine the true cash balance
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