Hormel offers its food distributors a discount of 15 percent for payment within 10 days on orders of all Jiffy brand products. H
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Current balance in the general ledger cash account is $5,320
Explanation:
General ledger
Opening balance $4,000
(Add)
A note collected by a customer $1,000
interest collected by a customer $40
NSF check from a customer $300.
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$5,340
(Less) bank service charges $20
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Balance in the general ledger
cash account is $5,320
current balance in the ledger cash account =
( $4,000+ $1000+ $40+ $300- $20= $5320)