AB Ltd. had $3,273 in outstanding cheques at the end of July and half of that amount
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Question:
AB Ltd. had $3,273 in outstanding cheques at the end of July and half of that amount in deposits in transit.
Bank service charges are $205 for July and there are no other reconciling items in the July bank reconciliation.
Required 1: By how much the adjusted balance shown on the balance sheet is higher or lower than the trial balance?
Required 2: What is the total credits on the cash account because of the Adjusting Journal entries based on the above information?
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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