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In preparing the June 30th bank reconciliation, the accountant identified the following items: Company's checkbook balance $23,000, Outstanding Checks $550, Interest earned on the checking account $100, Customer's NSF (non sufficient funds) check returned by the bank $1,000. In the process of preparing the reconciliation, the accountant discovered an error in recording a customer's check; the amount was incorrectly recorded on the books as a cash receipt of $600, while the bank correctly recorded the amount as $650. What is the company's adjusted cash balance on June 30th?   A. $21,700 B. $22,150 C. $22,250 D. $22,200

In preparing the June 30th bank reconciliation, the accountant identified the following items: Company's checkbook balance $23,000, Outstanding Checks $550, Interest earned on the checking account $100, Customer's NSF (non sufficient funds) check returned by the bank $1,000. In the process of preparing the reconciliation, the accountant discovered an error in recording a customer's check; the amount was incorrectly recorded on the books as a cash receipt of $600, while the bank correctly recorded the amount as $650. What is the company's adjusted cash balance on June 30th?   A. $21,700 B. $22,150 C. $22,250 D. $22,200

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 1CP
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In preparing the June 30th bank reconciliation, the accountant identified the following items: Company's checkbook balance $23,000, Outstanding Checks $550, Interest earned on the checking account $100, Customer's NSF (non sufficient funds) check returned by the bank $1,000. In the process of preparing the reconciliation, the accountant discovered an error in recording a customer's check; the amount was incorrectly recorded on the books as a cash receipt of $600, while the bank correctly recorded the amount as $650. What is the company's adjusted cash balance on June 30th?

 
  • A. $21,700
  • B. $22,150
  • C. $22,250
  • D. $22,200
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