Question

Saved 4 As of June 30, Year 2, the bank statement showed an ending balance of $19.500. The unadjusted Cash account balance was $15,200 The following information is available: 1. Deposit in transit $2,400 2. Credit memo in bank statement for interest earned in June. $30 3. Outstanding check $6,690 4. Debit memo for service charge, $20 eBook Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2 using the preceding information(Negative amounts should be indicated with minus sign.) Point Bank Reconciliation Unadjusted bank balance 6/30/Year 2 Deferences True cash balance 6/30/Year 2 Unadjusted book balance 6/30/Year 2 True cash balance 6/30/Year 2

Answer 1

Solution:

Unadjsuted bank balance 6/30/year 2	19,500
Add: deposti in transit	2,400
Less: outstanding check	-6,690
True cahs balance 6/30/year2 (19500+2400-6690)	15,210
Unadjusted book balance 6/30/year2	15,200
Add: credit memo for interest earned	30
Less: Debit memo for service charge	-20
True cash balance 6/30/year2 (15200+30-20)	15,210