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Illusion [34]
3 years ago
10

Peterson Company's general ledger shows a cash balance of $7,440 on May 31.

Business
1 answer:
marysya [2.9K]3 years ago
4 0

Answer:

                                                                      Amount in $

Balance per bank                                                7,820.00  

cash receipt                                                        1,200.00  

NSF Check                                                           110.00  

Service charge                                                    70.00  

Unpresented check                                       - 1,760.00

Balance per cash account                               <u> 7,440.00 </u>  

Balance per cash account                               7,440.00  

Adjusting entries  

NSF Check                                                         - 110.00

Service fee                                                         - 70.00

Adjusted cash balance                                        <u>7,260.00  </u>

Explanation:

The NSF check and service fee are the only transactions yet to be adjusted for in the cash account balance as at 31 May. These are the only transactions to be considered in arriving at the cash account balance.

Other transactions such as unrecorded check and cash receipts have been reflected in the cash account.

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