10) Chime Company provides you with the following information for use in prepari
ID: 2509503 • Letter: 1
Question
10) Chime Company provides you with the following information for use in preparing the company's March bank reconciliation. Additionally, Chime shares with you that on its February Bank Rec, the company reported two outstanding checks (#2874 and "2880 written for S 1,210 and $1,650 respectively) and a deposit in transit of S6,200). The bank has not made any mistakes when recording the bank activity. From the March 31 bank statement: Previeas $16,800 Total wiihdrawals Tetal Deposits Current Balaace 10,875 527,195 $33,120 Depesits aad Otber Credits Daily Accoest Balance Clecks & 0er Wirdrawals 1-Mar 56,200 2874 V 1.210 1,200 5,650 11-Mar 15-M 25-Mar $21,790 7-Mar $34,290 I$33,090 25-Mar 526,715 ENT (3/31s) 1,580 27195 533335 31 Mar Interest Income INT SC NSF Insufficient Punds Service Charge From Chime's Accounting Records: (The beginning& ending cash balances have been intentionally omitted.) General Ledger A/C Cash Disbersements Check No. $ amount 2905 $5,650 2906 1,200 2907 3,400 2908 1,850 2909 725 2910 34 Deposit Date Deposit S 3/1st March 7 $12,500 8,200 5450 Total $26,150 $26,150 $13,165 31 3/31st? $13,165 What unadjusted cash balance did Chime report on its books at 3/31st? A) $33,125 B) S34,775 C) $33,665 D) $35,315 E) $33,180Explanation / Answer
Unadjusted Cash Balance as on 3/31st
Opening Balance 16800
Less: Outstanding Cheques 1210
Less: Outstanding Cheques 1650
Add: Deposit in transit 6200
Add: Deposit as per ledger 26150
Less: withdrawn as per ledger 13150
Closing Balance in the cash ledger 33125
Correct answer is (a)
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