5000 balance June 30th 5000 balance June 30th 5000 balance June 30th 1 pts On Ju
ID: 2573063 • Letter: 5
Question
5000 balance June 30th
5000 balance June 30th
5000 balance June 30th 1 pts On June 30, the general ledger of "I Heart St. Louis, LLC reflects a cash balance of $5,000. The June 30 bank statement shows a balance of $5,400. Other information is available as follows. A June 30 deposit of $500 does not appear on the bank statement; but a $20 service charge does. A customer's $200 insufficient funds (nsf) check has been returned with the bank statement. Outstanding checks of $390, $250, $240 and $190 are identified on June 30. Interest income of $50 is reflected on the bank statement. What is the correct cash balance on June 30? (don't bother with decimals use whole numbers) 1 pts Question 9
Explanation / Answer
Solution: $4,830
Working:
BANK RECONCILIATION
Cash balance per bank statement
5400
Add: Deposits in transit
500
Less: Outstanding checks
-1070
Adjusted cash balance per bank
4830
Cash balance per books.
5000
Less: Bank service charge
-20
Add: Interest income
50
Less: NSF Checks
-200
Adjusted cash balance per books
4830
BANK RECONCILIATION
Cash balance per bank statement
5400
Add: Deposits in transit
500
Less: Outstanding checks
-1070
Adjusted cash balance per bank
4830
Cash balance per books.
5000
Less: Bank service charge
-20
Add: Interest income
50
Less: NSF Checks
-200
Adjusted cash balance per books
4830