Question

Henderson Company had an unadjusted cash balance of $7,215 as of May 31. The company’s bank statement, also dated May 31, included a $68 NSF check written by one of Henderson’s customers. There were $750 in outstanding checks and $930 in deposits in transit as of May 31. According to the bank statement, service charges were $50, and the bank collected a $500 note receivable for Henderson. The bank statement also showed $13 of interest revenue earned by Henderson.

Required
Determine the true cash balance as of May 31.



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  • CreatedOctober 26, 2013
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