Jace Co. had an unadjusted cash balance of $5,610 as of June 30. The June 30...
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Jace Co. had an unadjusted cash balance of $5,610 as of June 30. The June 30 bank statement included a $65 NSF check from one of Jace's clients. There were $286 in outstanding checks and $135 in deposits in transit as of June 30. Per the bank statement, service charges were $25, and the bank collected a $435 note receivable for Jace Co. The bank statement also showed $18 of interest revenue earned by Jace Co. Required: Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance Jace Co. had an unadjusted cash balance of $5,610 as of June 30. The June 30 bank statement included a $65 NSF check from one of Jace's clients. There were $286 in outstanding checks and $135 in deposits in transit as of June 30. Per the bank statement, service charges were $25, and the bank collected a $435 note receivable for Jace Co. The bank statement also showed $18 of interest revenue earned by Jace Co. Required: Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance
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Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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