Kent Company's accountant is preparing its June bank reconciliation and has collected the following data: Per Books
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Question:
Kent Company\'s accountant is preparing its June bank reconciliation and has collected the following data:
| Per Books | Per Bank | |
| June 1 Balance | $11,600 | $10,000 |
| June Deposits | 24,600 | 21,200 |
| June Checks | 27,800 | 29,000 |
| Note collected (included 10% interest) | - | 4,400 |
| June service charge | - | 20 |
| June 30 Balance | 8,400 | 6,580 |
Additionally, deposits in transit and outstanding checks on May 31 were $4,400 and $2,800 respectively. All deposits in transit and outstanding checks as of May 31 cleared through the bank in June. The correct balance for cash at June 30 should be
a) 12,780 b) 13,980 c) 11,180 d)10,960
Expert Answer:
To determine the correct balance for cash at June 30 we need to prepare a bank reconciliation Here a... View the full answer
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