Hazelton Manufacturing prepares a bank reconciliation at the end of every month. At the end of May, the general ledger checking account showed a balance of $1,360 and the bank statement showed a bank balance of $1,445. Outstanding checks totaled $350 and deposits in transit were $150. The bank statement listed service charges of $30 and NSF checks totaling $85. The corrected cash balance is:
A) $1,130.
B) $1,160.
C) $1,245.
D) $1,445.$1,360 30 85 = $1,245, or $1,445 350 + 150 = $1,245
Correct Answer:
Verified
Q67: Accounting for the pledging of accounts receivable
Q68: Brockton Carpet Cleaning prepares a bank reconciliation
Q69: On October 18, 2009, Flying Chicken sold
Q70: On May 12, 2009, Falwell Computing sold
Q71: On March 12, 2009, Admiral Electronics sold
Q73: The journal entry to replenish the petty
Q74: A company's investment in receivables is influenced
Q75: Alliance Software began 2009 with accounts receivable
Q76: In deciding whether financing with receivables is
Q77: On July 18, 2009, Philly Furniture Factory
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents