contestada

1. Nickleson Company had an unadjusted cash balance of $9,586 as of May 31. 2. The company’s bank statement, also dated May 31, included a $98 NSF check written by one of Nickleson’s customers.
3. There were $1,461 in outstanding checks and $210 in deposits in transit as of May 31.
4. According to the bank statement, service charges were $25, and the bank collected a $700 note receivable for Nickleson.
5. The bank statement also showed $18 of interest revenue earned by Nickleson.
Required:
Determine the true cash balance as of May 31.
(Hint: It is not necessary to use all of the preceding items to determine the true balance.)

Respuesta :

Answer:

$10,181

Explanation:

Given that,

Unadjusted Cash Balance as of may 31 = $9,58

Interest revenue = $18

Note Collected by Bank = $700

NSF check = $98

Bank service charges = $25

Outstanding checks = $1,461

deposits in transit as of May 31 = $210

True Cash Balance as of May 31:

= Unadjusted Cash Balance as of may 31 + Interest Earned + Note Collected by Bank - NSF check - Bank charges

= $9,586 + $18 + $700 - $98 - $25

= $10,304 - $123

= $10,181

Otras preguntas