Question

The balance in a company's Cash account on August 31 was $19,700, before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding $ 4,300 NSF check 140 Note collected by bank for the Colt Company 1,200 Deposits outstanding 1,800 Bank service fees 60 What is the amount of cash that should be reported in the balance sheet as of August 31

Answer 1

Answer:

$17200

Explanation:

A balanced sheet is a statement of financial position that list the assets , liabilities and equities of an organization.

The items that affect the current asset (cash)balance in the balanced  sheet for the month  in the question are Cash book  balance , deposit outstanding and check outstanding.

Cash book balance   -           19700

Deposit outstanding -              1800

Less check outstanding -        (4300)

                                                17200