On October 31, 2015, the bank statement shows that your company has $14,056.73 in its checking account.
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Question:
On October 31, 2015, the bank statement shows that your company has $14,056.73 in its checking account. You are aware of three outstanding checks totalling $3,762.19. During October 2015, the bank bounced two customer deposited checks totalling $929.19 due to insufficient funds and charged you $34.00 in service fees. He hadn't yet received notice of the bad checks, but he was aware and recorded the $34.00 service charge.
Before the October 31, 2015 adjustment, what is the balance of your Cash account ?
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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