The balance in a company's Cash account on August 31 was $19,800 before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding $ 3,800 NSF check 150 Note collected by bank for the Colt Company 2,100 Deposits outstanding 3,300 Bank service fees 110 What is the amount of cash that should be reported in the balance sheet as of August 31

The amount of cash that should be reported in the balance sheet as of August 31 is $17,590.

Explanation:

The Cash Balance in the Company`s Cash Book have to be updated with items that have already being recorded by the bank.

Cash Account

Debit :

Balance before adjustment                            $19,800

Totals                                                               $19,800

Credit:

Dishonoured Cheque : check 150                  $2,100

Bank Service fees                                                $110

Updated Cash Balance (Balancing figure)   $17,590

Totals                                                              $19,800

Conclusion :

The amount of cash that should be reported in the balance sheet as of August 31 is $17,590

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