Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business August 31, its Cash account shows a debit balance of $24,162. Franklin's August bank statement shows $23,037 on deposit in the bank. Dete the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company $7,800 $6,100 $ 160 $ 735 The adjusted cash balance should be: Multiple Choice $30,837 < Prev 7 of 10 Next> ere to search 96%
Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business August 31, its Cash account shows a debit balance of $24,162. Franklin's August bank statement shows $23,037 on deposit in the bank. Dete the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company $7,800 $6,100 $ 160 $ 735 The adjusted cash balance should be: Multiple Choice $30,837 < Prev 7 of 10 Next> ere to search 96%
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section5.2: Bank Reconciliation
Problem 1OYO
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