Question: The bank statement for Rodney s Lawn Maintenance had an ending

The bank statement for Rodney’s Lawn Maintenance had an ending balance as of October 31 of $25,450.85. Also listed on the statement was a service charge for $21. Check 1825, which Rodney wrote to pay for equipment purchased October 30, had not cleared the bank yet—the amount was $5,415. Deposits in transit were $7,850.25. Rodney’s bank collected a $1,275 note for him in October. After reviewing the bank statement and the canceled checks, Rodney discovered that the bank mistakenly deducted $1,875.93 from his account on a check that was written by Rogers’ Lawn Maintenance.
Calculate the true cash balance as of October 31 and tell where it would be reported on the financial statements.




Sale on SolutionInn
Sales0
Views103
Comments
  • CreatedSeptember 01, 2014
  • Files Included
Post your question
5000