The marketing firm Novak, Inc., had the following information available concerning its cash account for the month of May:Balance per Novak’s books, May 31 ……. $1,375.21Outstanding checks ……………. 420.85NSF check from customer ……….. 50.00Note collected by bank ………… 650.00Deposits in transit ………….. 215.50Miscellaneous fees:Charge for collection of note ……….. 15.00Order for checks …………… 12.50Interest earned on bank account …….. . 4.62Calculate the true cash balance as of May 31.View Solution:
The marketing firm Novak Inc had the following information available



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *