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Accounting & Finance
 Online Tutoring : Forum : Homework Help - Economics & Business Studies : Accounting & Finance
Topic Topic: Cash Balance Post ReplyNew Question
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Nikkij19
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Joined: 10 July 2007
Location: United States
Posts: 7
Posted: 10 July 2007 at 9:44pm | IP Logged Quote Nikkij19

     Louis Nicosia operates four 7-11 stores.  He has just received the monthly bank statement at October 31 from City National Bank, and the statement shows an ending balance of $3,840.  Listed on the statement are an EFT rent collection of $400, a service charge of $12, two NSF checks totaling $74, and a $9 charge for printed checks.  In reviewing his cash records, Nicosia identifies outstanding checks totaling $467 and an October 31 deposit in transit of $1,788.  During October, he recorded a $290 check for the salary of a part-time employee by debiting Salary Expense and crediting Cash for $29.  Nicosia's Cash account shows an October 31 cash balance of $5,117.  Prepare the bank reconciliation at October 31.

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