The following information is available for Sharder Company for the month of June

Question

The following information is available for Sharder Company for the month of June: The unadjusted balance per the bank statement on June 30 was $55,200. 2. Deposits in transit on June 30 were $2,600. A debit memo was included with the bank statement for a service 3. charge of $20. 4. A $5,720 check written in June had not been paid by the bank. 5. The bank statement included a $900 credit memo for the collection of a note. The principal of the note was $840, and the interest collected amounted to $30 Required Determine the true cash balance as of June 30. (Hint is not necessary to use all of the preceding items to determine the true balance.) cash balan

Explanation / Answer

Unadjusted Bank Balance, 6/30 $55,200 Plus: Deposits in Transit $2,600 Less: Outstanding Check $5,720 True Cash Balance, 6/30 $52,080

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