Question

Schultz Tax Services, a tax preparation business had the following transactions during the month of June:

Answer 1

Answer:

$29,280

Explanation:

It is important to consider only cash transactions when preparing a Cash Reconciliation.

Schultz Tax Services Cash Reconciliation

Cash, June 1                                                                $25,000

Plus: cash receipts for June

Receipts for Accounting Services        $3,000

Receipts from Accounts Receivables  $3,800           $6,800

Minus: cash payments for June

Advertising expense paid                       $800

Dividends paid                                       $1,500

Telephone expense paid                        $220          ($2,520)

Cash, June 30                                                             $29,280

Conclusion :

The balance of Cash at June 30 is $29,280