^^**Note: The answer that is selected is not correct, please help! On September
ID: 2555652 • Letter: #
Question
^^**Note: The answer that is selected is not correct, please help! On September 30, the bank statement of Fine Company showed a balance of $12,100. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records: (1) deposits in transit amounted to $4,950 (2) outstanding checks amounted to $8,960 (3) a $730 check was incorrectly drawn on Fine's account (4) NSF checks returned by the bank were $1,170 (5) bank service charge was $41 (6) credit memo for $165 for the collection of one of the company's account receivable Based on the above information, the true cash balance was: Multiple Choice $8,820 $8,944. $7,774 $9,374.Explanation / Answer
1.
True cash balance is 8820
2.
True cash balance is 16860
3.
An error made by made is not to be recorded in the books
So correct answer is An errorin which bank charged the company for $83 for a check that has been written by another account holder
4.
Item number 3
Bank reconciliation Ending balance as per bank statement 12100 Add Deposit in transit 4950 Bank error 730 5680 Less Outstanding checks 8960 Adjusted bank balance 8820Related Questions
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