Answered

Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Get detailed answers to your questions from a community of experts dedicated to providing accurate information. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

In preparing its August 31, 2020 bank reconciliation, Vaughn Manufacturing has available the following information:

Balance per bank statement, 8/31/20 $25750
Deposit in transit, 8/31/20 3480
Return of customer's check for insufficient funds, 8/30/20 600
Outstanding checks, 8/31/20 2760
Bank service charges for August 100

At August 31, 2020, Vaughn's correct cash balance is :_________

a. $25030.
b. $25770.
c. $26470.
d. $25870.

Sagot :

abiolataiwo2015

Answer:

c. $26470

Explanation:

Calculation to determine what Vaughn's correct cash balance is

Using this formula.

Correct cash balance =Balance per bank statement + Deposit in transit - Outstanding checks

Let plug in the formula

Correct cash balance= $25750 + 3480 - 2760

Correct cash balance=$26470

Therefore At August 31, 2020, Vaughn's correct cash balance is:$26470

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.