The following information is available for Sharder Company for the month of June:
1. The unadjusted balance per the bank statement on June 30 was $57,000.
2. Deposits in transit on June 30 were $3,600.
3. A debit memo was included with the bank statement for a service charge of $15.
4. A $5,560 check written in June had not been paid by the bank.
5.
The bank statement included a $1,080 credit memo for the collection of a note. The principal of the note was $1,050, and the interest collected amounted to $30.
Required
Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
hey guys I missed a week of class thanks to some problems with some medication and i have not idea how to do two accounting questions and i would greatly appreciate some help.
Henderson Company had an unadjusted cash balance of $8,700 as of May 31. The company’s bank statement, also dated May 31, included a $50 NSF check written by one of Henderson’s customers. There were $910 in outstanding checks and $210 in deposits in transit as of May 31. According to the bank statement, service charges were $75, and the bank collected a $600 note receivable for Henderson. The bank statement also showed $16 of interest revenue earned by Henderson.
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.)
>>374431
57000+3600-15-5560-1080
I'm not an accountant but this is really easy. And if I'm wrong, well, I'm not an accountant so what did you expect?
>>374436
thanks thats what i thought but connect is saying its wrong.
I Think it would be more like 57000 + 3600 -15 +1080. It is asking for cash balance, so the 5560 would be considered a liability, not a cash payment.
But it has been 14 years since I took an accounting class.
>>374446
damn that wasn't right either, thanks for trying though.