Question

Harrison Company's general ledger account had a balance of $7,300 on July 31 and the following information is also available: Deposits outsanding $ 1,500 Checks outstanding 2,000 NSF checks 45 A $35 July deposit from a customer was recorded as $53 debit to Cash and credit to Accounts Receivable What is the amount of Harrison's correctd cash balance at July 31

Answer 1

Answer:

See below

Explanation:

The above is an incomplete question. However, the below is a similar question to complement it.

Balance July 1, $55,678

Deposits $179,500

Checks processed ($192,610)

Service charges ($30)

NSF checks ($1,200)

Monthly loan repayment deducted directly by the banks from account includes ($320) in interest. ($3,320)

With regards to the above, the corrected cash balance is computer as;

Balance per books

$7,300

Less:

Error in recording receipts ($53 - $35)

($18)

Less;

NSF charges

($1,200)

Less:

Automatic monthly loan payment

($3,320)

Less:

Service charge

($30)

Corrected cash balance

$2,732