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PROBLEM: Florida Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $6,225 Outstanding checks $5,645 Bank service fees, not yet recorded by company $70 The bank collected on a note receivable, not yet recorded by the company $1,725 The adjusted cash balance should be: O $14,857 O $13,062 O $13,092 O $13,112 O $14,817 $14,887

PROBLEM: Florida Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $6,225 Outstanding checks $5,645 Bank service fees, not yet recorded by company $70 The bank collected on a note receivable, not yet recorded by the company $1,725 The adjusted cash balance should be: O $14,857 O $13,062 O $13,092 O $13,112 O $14,817 $14,887

College Accounting (Book Only): A Career Approach
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 4PA
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PROBLEM: Florida Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $6,225 Outstanding checks $5,645 Bank service fees, not yet recorded by company $70 The bank collected on a note receivable, not yet recorded by the company $1,725 The adjusted cash balance should be: O $14,857 O $13,062 O $13,092 O $13,112 $14,817 $14,887
Transcribed Image Text:PROBLEM: Florida Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin's August bank statement shows $14,237 in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $6,225 Outstanding checks $5,645 Bank service fees, not yet recorded by company $70 The bank collected on a note receivable, not yet recorded by the company $1,725 The adjusted cash balance should be: O $14,857 O $13,062 O $13,092 O $13,112 $14,817 $14,887
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