At the end of March, the Elbert Company records showed a cash balance of ($ 7027). When

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At the end of March, the Elbert Company records showed a cash balance of \(\$ 7027\). When comparing the 31 March bank statement with the business' Cash account, the business discovered that deposits in transit were \(\$ 725\), outstanding cheques totalled \(\$ 862\), bank service charges were \(\$ 28\) and NSF cheques totalled \(\$ 175\).

Required:

a Calculate the 31 March reconciled cash balance of the Elbert Company.

b Calculate the cash balance listed on the 31 March bank statement.

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Accounting Information For Business Decisions

ISBN: 9780170253703

2nd Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons

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