The following information was available for Churchill Company as of December 31: Information from Churchill's...

70.2K

Verified Solution

Question

Accounting

image

The following information was available for Churchill Company as of December 31: Information from Churchill's adjusted trial balance: Cash balance: $14,500 Outstanding checks: $1,275 Deposits in transit: $6,700 Information from the bank statement: Bank balance: $9,675 NSF check: $560 EFT rent collection: $2,000 Service fee: $30 In addition, Churchill caught an error during the reconciliation process. Utilities expense in the amount of $900 was accidentally recorded as $90. Complete the bank reconciliation process. You are not required to show journal entries, but you must clearly support your work. What should the ending balance of cash be on Churchill's books? $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students