You just joined XYZ Company as their junior accountantbalance of cash in XYZ's general ledger on June 30?
A)$15,470.
B)$14,285.
C)$14,570.
D)$16,470.
E)$16,703.

Question

Quizplus · Accepted Answer

The question provides the balance of the bank statement ($14,570) as of June 30. The bank statement balance represents the actual balance in the bank account, while the general ledger balance represents the company's records. Items that may cause a difference between the two balances include outstanding checks, deposits in transit, bank charges, and interest. Since the question does not provide any additional information regarding these items, we can assume that the only difference between the two balances is the bank service charge of $85 ($15,470 - $14,570 = $900 - $85 = $815). Therefore, the general ledger balance on June 30 is $14,570 + $815 = $15,385, which is closest to answer choice C ($14,570 + $900 - $85 = $14,570 + $815 = $15,385).

You Just Joined XYZ Company as Their Junior Accountantbalance of Cash