Question: Rick Neal operates a roller skating center, Neal's Rinks. He has just received the monthly bank statement at October 31 from Sandstone National Bank, and
Rick Neal operates a roller skating center, Neal's Rinks. He has just received the monthly bank statement at October 31 from Sandstone National Bank, and the statement shows an ending balance of $750. Listed on the statement are an EFT rent collection of $330, a service charge of $10, two NSF checks totaling $110, and an $11 charge for printed checks. In reviewing his cash records, Neal identifies outstanding checks totaling $603 and an October 31 deposit in transit of $ 1,770. During October, he recorded a $310 check for the salary of a part-time employee as $31. Neal's Cash account shows an October 31 cash balance of $1,997. How much cash does Neal actually have at October 31, 2016?
Step by Step Solution
3.42 Rating (155 Votes )
There are 3 Steps involved in it
Neals actual cash balance is 1917 BANK Balance October 31 Add Deposit in transit Subto... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
993-B-C-A-C-A (1181).docx
120 KBs Word File
