In Company CC's general ledger, the ending balance in the cash T-account is: $650 The company's accountant found the following reconciling items: Company Error = $50 (the company accidentally recorded this expense twice) Deposits Outstanding = $350 Service Fee = $25 Checks Outstanding = $200 Note collected by the bank = $500 Interest earned on note = $10 NSF Check = $250 Interest earned on bank account = $30 What is the correct ending balance for cash after reconciliation?
In Company CC's general ledger, the ending balance in the cash T-account is: $650 The company's accountant found the following reconciling items: Company Error = $50 (the company accidentally recorded this expense twice) Deposits Outstanding = $350 Service Fee = $25 Checks Outstanding = $200 Note collected by the bank = $500 Interest earned on note = $10 NSF Check = $250 Interest earned on bank account = $30 What is the correct ending balance for cash after reconciliation?
Related questions
MATRIX INC. BANK RECONCILIATION | |
Cash balance per bank | $8,500 |
Cash balance per books (general ledger) | $7,320 |
Outstanding checks | $3,6000 |
Check mailed to the bank for deposit had | |
not reached the bank by the statement | |
date. | $2,050 |
NSF check returned by the bank for | |
accounts receivable | $200 |
July interest earned on the bank statement | $10 |
Check no. 700 for misc. expense cleared | |
the bank for $200; erroneously recorded | |
in the Matrix books for $20 | |
Prepare a bank reconciliation. | |
Shown the accounting entries that must be made by Matrix injournal entry and T-Account format. | |
