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Home Q & A Board Other Fields Homework Help Business Accounting
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majestico majestico
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7 years ago
The May bank statement for Tax Services shows a balance of $5,300, but the balance per books shows a cash balance of $6,980. Other information includes:
1. A check for $200 to pay the electric bill was recorded on the books as $20.
2. Included on the bank statement was a note collected by the bank for $400 plus interest of $30.
3. Checks outstanding totaled $260.
4. Bank service charges were $50.
5. Deposits in transit were $2,140.

Which item(s) should be subtracted from the balance per books?
A) Deposits in transit
B) Bank service charge and the note collected by the bank
C) Checks outstanding and bank service charge
D) None of the above is correct.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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keytwokeytwo
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7 years ago
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