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In preparing its May 31, 2020 bank reconciliation, Waterway Industries has the following information available: Balance per bank statement, 5/31/20 $38000 Deposit in transit, 5/31/20 5700 Outstanding checks, 5/31/20 3500 Note collected by bank in May 1260 The correct balance of cash at May 31, 2020
In preparing its May 31, 2020 bank reconciliation, Waterway Industries has the following information available:
Balance per bank statement, 5/31/20 $38000
Deposit in transit, 5/31/20 5700
Outstanding checks, 5/31/20 3500
Note collected by bank in May 1260
The correct balance of cash at May 31, 2020
Expert Solution
Computation of the correct balance of cash at May 31, 2020:-
Reconciled cash balance = Balance as per bank + Deposit in transit - Outstanding checks
= $38,000 + $5,700 - $3,500
= $40,200
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