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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

The Following Information Was Taken from the Bank Reconciliation for Mooner