Compute what the correct cash balance is

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Reference no: EM132705510

Problem 1: A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of $1,681, bank charges of $11, deposits in transit of $317, outstanding checks of $221, and NSF checks of $90. The correct cash balance is?

Option 1: $1,580

Option 2: $1,479

Option 3: $1,490

Option 4: $1,777

Problem 2: A bank reconciliation revealed bank charges of $11, outstanding checks of $221, and NSF checks of $90. The journal entry to cause the company records to match the correct adjusted ending cash balance includes:

Option 1: a credit to cash for $101

Option 2: a debit to cash for $90

Option 3: a debit to cash for $11

Option 4: a credit to cash for $322

Reference no: EM132705510

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