Munkord Corporation's bank statement showed a balance of $22,000 on December 31 (but before preparing a bank reconciliation). The company's cash account in the general ledger showed a balance of $21,749 on the same date. The only reconciling items consisted of: 1) A $5,000 deposit in transit 2) A bank service charge of $200 3) Outstanding checks totaling $9,000 4) A $3,000 check marked "NSF" from Matthew Company, one of Mumford's customers. 5) A check written for office supplies in the amount of $1,832 and recorded by the company's bookkeeper as a debit to office supplies of $1,283 and credit to cash of $1,283 The amount of adjusted cash balance is:
Munkord Corporation's bank statement showed a balance of $22,000 on December 31 (but before preparing a bank reconciliation). The company's cash account in the general ledger showed a balance of $21,749 on the same date. The only reconciling items consisted of: 1) A $5,000 deposit in transit 2) A bank service charge of $200 3) Outstanding checks totaling $9,000 4) A $3,000 check marked "NSF" from Matthew Company, one of Mumford's customers. 5) A check written for office supplies in the amount of $1,832 and recorded by the company's bookkeeper as a debit to office supplies of $1,283 and credit to cash of $1,283 The amount of adjusted cash balance is:
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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Transcribed Image Text:Munkord Corporation's bank statement showed a balance of $22,000 on December 31 (but before preparing a bank reconciliation). The company's cash account in the general ledger showed
a balance of $21,749 on the same date. The only reconciling items consisted of:
1) A $5,000 deposit in transit
2)
A bank service charge of $200
3)
Outstanding checks totaling $9,000
4)
A $3,000 check marked "NSF" from Matthew Company, one of Mumford's customers.
5) A check written for office supplies in the amount of $1,832 and recorded by the company's bookkeeper as a debit to office supplies of $1,283 and credit to cash of $1,283.
The amount of adjusted cash balance is:
$18,000
$14.779
$22.479
$13,569
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