Question

1. The unadjusted balance per the bank statement on June 30 was $47,300.
2. Deposits in transit on June 30 were $4,400.
3. A debit memo was included with the bank statement for a service charge of $30.
4. A $7,620 check written in June had not been paid by the bank.
5. The bank statement included a $1,800 credit memo for the collection of a note. The principal of the note was $1,680, and the interest collected amounted to $120.

Determine the true cash balance as of June 30. (Hint: Not all the above information is necessary).

Answer 1

Bank Reconciliation
At June 30
Bank statement balance	47,300
Add:
Deposit in transit	4,400
	51,700
Less:
Outstanding check	-7,620
Adjusted bank balance	$44,080

The true cash balance as of June 30 is $44,080.

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