The Cash account in the records of Arnaz Company showed a balance of $13,307 at March 31.
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Question:
The Cash account in the records of Arnaz Company showed a balance of $13,307 at March 31. The bank statement, however, showed a balance of $9,936 at the same date. The only reconciling items consisted of a $4,902 deposit in transit, a bank service charge of $36, outstanding checks totaling $2,600, and an non-sufficient funds (NSF) check from L. Ball, one of Arnaz' customers.
Required:
(A) What is the amount of the adjusted cash balance on March 31?
(B) What is the amount of the non-sufficient funds (NSF) check?
(C) Record the journal entry necessary, if any, to adjust Arnaz Company's accounting records at March 31: (An explanation is not required; a single compound journal entry is acceptable.)
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