Before reconciling its bank statement, Lauren Cosmetics Corporation's general ledger had a month-end balance in the cash account of $8,250. The bank reconciliation for the month contained the following items:Deposits in transit $870Outstanding checks 645Interest earned 20NSF check returned to bank 220Bank service charge 70Given the above information, what up-to-date ending cash balance should Lauren report at month-end?A. $7,380.B. $8,530.C. $7,980.D. $7,700.

a. $7,380

Explanation:

Ending cash balance = Cash balance + Interest earned - NSF check returned to bank - Bank service charge

Ending cash balance = $8,250 + $20 - $220 - $70

Ending cash balance = $7,980

So, $7,380 is the up-to-date ending cash balance should Lauren report at month-end.

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

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