QUESTION 11 The Graham Companys Cash account on January 31 was $10,250 before th

Question

QUESTION 11 The Graham Companys Cash account on January 31 was $10,250 before the bank recondilation was prepared. After examining the January bank statement and items included with it, the company's accountant found the following items: Outstanding checks Deposits in transit NSF check Service charges Error: the company recorded a $40 check written by the company as $400 $2,550 100 40 What is the amount of cash that should be reported in the balance sheet for January 312 OA. $9,750 0 B. $10,470 C. $10,650 D. $10,110

Explanation / Answer

Solution: $10,470

Working:

Cash account balance 10,250 Less: NSF checks -100 Less: service charges -40 Add: Error 360 10,470

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