Question

6. Rainey Company's true cash balance at October 31 is 55030. The reconciliation • Outstanding check 5780 • Deposits in transit, 5540 • Rank service charges, $105 . The hankhadootected account receivable for Rainey Copy, $1150 . The bank statement included an NSF check written by one of R y 's u s for What was the unadjusted book balance at October 31? A) S5825 B) $4780 54675 D) 55270 7. At March 31, Cummins Co. had an unadjusted balance in its cash account of 510,400. At the end of March, the company determined that it had outstanding checks of S1095, deposits in transit of 5690, a bank service charge of 535, and an NSE check from a customer for $215. What is the true cash balance at March 317 A) $10,400 B) 59700 C) 59995 D) $10,150 8. On September 30 the bank statement of Fine Company showed a balance of $14,850. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records: • Deposits in transit amounted to 56015 • Outstanding checks amounted to $10,630 • A5840 check was incorrectly drawn on Fine's account • NSF checks returned by the bank were $1420 The bank service charge was $49 • Credit memo for $220 for the collection of one of the company's account receivable What is the true cash balance? A) $11,246 B) $11,075 C) $11,061 D) $9826 9. Duke Company's unadjusted bank balance at March 31 is $5830. The bank reconciliation revealed outstanding checks amounting to $850 and deposits in transit of $590. What is the true cash balance? A) 55240 B) S5830 C) 55570 D) 56420 10. Melbourne Company uses the perpetual inventory system and LIFO cost flow method. Melbourne purchased 600 units of inventory that cost $2.75 each. At a later date, the company purchased an additional 700 units of inventory that cost $3.25 each. If the company sells 900 units of inventory, what amount of ending inventory will appear on a balance sheet prepared immediately after the sale? A) $1200 B) $2825 C) $1300 D) $1100

Answer 1