Question

The following information is available for Trinkle Company for the month of June: The unadjusted balance per the bank statement on June 30 was $81,500. Deposits in transit on June 30 were $3,150. A debit memo was included with the bank statement for a service charge of $40. A $5,611 check written in June had not been paid by the bank. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $900, and the interest collected amounted to $50. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)

Answer 1

Answer:

$79,039

Explanation:

A Bank Reconciliation Statement is used to determine the true cash balance

Bank Reconciliation Statement as as June 30

Balance as per Bank Statement               $81,500

Add Outstanding Lodgments                     $3,150

Less Unpresented Checks                         ($5,611)

Balance as per Cash Book                       $79,039

Therefore, the true cash balance as of June 30 is $79,039