The bank statement comprised a 1550 credit memo for the, Ask an Expert

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The given information is available for Young Company for the month of August:

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

2) Deposits in transit on August 31 were $3,750.

3) The debit memo was comprised with the bank statement for a service charge of $35.

4) A $2,120 check written in the August had not been paid by the bank.

5) The bank statement comprised a $1,550 credit memo for the collection of a note. The principal of the note was $1,500, and the interested collected was $50.

Required:

Find out the true cash balance as of August 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M919129

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