Garrison Corporation was closing its books on May 31, 2018. Garrison's accountant prepared a bank reconciliation...

 

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Garrison Corporation was closing its books on May 31, 2018. Garrison's accountant prepared a bank reconciliation as of May 31, 2018, and has found the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance $11,150 Outstanding cheques 960 Customer's NSF cheque returned by the bank 190 Interest earned on chequing account 80 In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's cheque: the amount was recorded in cash receipts as $440; the bank recorded the amount correctly as $920. Required: What amount will Garrison report as its adjusted cash balance at May 31, 2018? Garrison Corporation was closing its books on May 31, 2018. Garrison's accountant prepared a bank reconciliation as of May 31, 2018, and has found the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance $11,150 Outstanding cheques 960 Customer's NSF cheque returned by the bank 190 Interest earned on chequing account 80 In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's cheque: the amount was recorded in cash receipts as $440; the bank recorded the amount correctly as $920. Required: What amount will Garrison report as its adjusted cash balance at May 31, 2018?

Answer rating: 100% (QA)

Calculate the amount that will be reported as adjusted cash balance as follows A B 1 Pa... View the full answer