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The following information was taken from a company's bank reconciliation at the end of the year: Bank balance $8,300 Checks outstanding $8,000 Note collected by the bank $1,900 Service fee 33 Deposits outstanding $5,300 NSF check 320 What is the correct cash balance that should be reported in the company's balance sheet at the end of the year?

The following information was taken from a company's bank reconciliation at the end of the year: Bank balance $8,300 Checks outstanding $8,000 Note collected by the bank $1,900 Service fee 33 Deposits outstanding $5,300 NSF check 320 What is the correct cash balance that should be reported in the company's balance sheet at the end of the year?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 7EA: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:...
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I’m not getting the right answer for this. The answer I’m getting is $9,847.
The following information was taken from a company's bank reconciliation at the end of the year: Bank balance $8,300 Checks outstanding $8,000 $1,900 Note collected by the bank Service fee $ 33 Deposits outstanding $5,300 NSF check $ 320 What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? Multiple Choice $9,880. $5,567 $7,980.
Transcribed Image Text:The following information was taken from a company's bank reconciliation at the end of the year: Bank balance $8,300 Checks outstanding $8,000 $1,900 Note collected by the bank Service fee $ 33 Deposits outstanding $5,300 NSF check $ 320 What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? Multiple Choice $9,880. $5,567 $7,980.
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