The following information was taken from the bank reconciliation for Mooner Sooner Inc.at the end of the year: Bank balance: $8,000
Checks outstanding: $5,800
Note collected by the bank: $1,500
Service fee: $20
Deposits outstanding: $4,000
NSF check (bad check) returned for $300
What is the correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year?
A) $10,200.
B) $7,400.
C) $6,200.
D) $6,160.
Correct Answer:
Verified
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