IV. The following information is available for Jerkins Company for the month of

Question

IV. The following information is available for Jerkins Company for the month of August: The unadjusted balance per the bank statement on August 31 was $35,200 . Deposits in transit were $ 3,750 . A debit memo was included with the bank statement for a service charge of $35 . A $2,120 check written in August had not been paid by the bank . The bank statement included a $ 1,550 credit memo for the collection of a note. The principal of the note was $1,500, and the interest collected was $50. Determine the true cash balance as of August 31. (lt is not necessary to use all of the preceding items to determine the true balance.) a. Unadjusted Bank Balance as of August 31 Additions: Deductions: rue Cash Balance as of August 31

Explanation / Answer

Unadjusted bank balance as of August 31 35200 Additions: Deposits in Transit 3750 Deductions: Outstanding checks 2120 True cash balance as of August 31 36830

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