Answered

The following information is available for Trinkle Company for the month of June:



The unadjusted balance per the bank statement on June 30 was $53,382.

Deposits in transit on June 30 were $2,545.

A debit memo was included with the bank statement for a service charge of $11.

A $3,339 check written in June had not been paid by the bank.

The bank statement included a $1,350 credit memo for the collection of a note. The principal of the note was $1,325, and the interest collected amounted to $25.



Required

Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)



Answer :

okpalawalter8

True Cash Balance As on June 30  is mathematically given as $ 52588

This is further explained below.

What is the true cash balance?

As of the Bank Statement dated June 30th, the Unadjusted Balance A = $53,382.

Deposit in Transit June B = $2,545.

Outstanding Check June 30 C = $3,339

Generally, the equation for the true cash balance is mathematically given as

cash balance = A-(C-B)

Therefore

cash balance= 53,382-(3,339-2,545.)

cash balance= 52588

In conclusion, True Cash Balance As on June 30 = $ 52588

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