Determining the true cash balance

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Reference no: EM13749948

A Determining the true cash balance, starting with the unadjusted bank balance

The following information is available for young Company for the month of August

The unadjusted balance per the bank statement on August 31 was $35,200.

Deposits in transit on August 31 were $3,750

A debit memo was included with the bank statement for a service charge of $35

A $2,120 Check written in august had not been paid by the bank

The bank statement included a $1,550 credit memo for the collection of a note. The principal of the note was $1,500 and the interest collected was $50.

Required

Determine the true cash balance as of August 31 (Hint: it is not necessary to use all of the preceding items to determine the true balance.

Reference no: EM13749948

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