Multiple Choice
The May bank statement for Accounting Services shows a balance of $6,200, but the balance per books shows a cash balance of $7,680. Other information includes: 1. A check for $190 to pay the electric bill was recorded on the books as $30.
2) Included on the bank statement was a note collected by the bank for $370 plus interest of $30.
3) Checks outstanding totaled $270.
4) Bank service charges were $50.
5) Deposits in transit were $1,880.
The adjusted cash balance at the end of May should be:
A) $9,560.
B) $7,590.
C) $7,140.
D) $7,810.
Correct Answer:

Verified
Correct Answer:
Verified
Q67: Scotch Services received a credit memorandum from
Q68: The entry establishing a $220 petty cash
Q69: From the bank reconciliation, no entry was
Q70: The Petty Cash account is debited when:<br>A)
Q71: When completing a bank reconciliation, explain why
Q73: Prepare the required journal entries from the
Q74: A petty cash fund is set up:<br>A)
Q75: The drawee is the:<br>A) person who writes
Q76: A blank endorsement on a check:<br>A) can
Q77: Company policy for internal control should include