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A company's bank statement shows a cash balance of $4,230. comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $3,880, deposits outstanding of $1,230, NSF check of $300, and service fee of $50. Calculate the correct balance of cash?

Respuesta :

Answer:

$1,580

Explanation:

Data provided in the question

Bank statement balance = $4,230

Outstanding checks = $3,880

Deposit in transit = $1,230

NSF check = $300

Service fee = $50

So by considering the above information, the correct balance of cash is

= Bank statement balance + deposit in transit - outstanding checks

= $4,230 + $1,230 - $3,880

= $1,580

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