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28 August, 01:49

If the month-end bank statement shows a balance of $36,000, outstanding checks are $10,000, a deposit of $4,000 was in transit at month end, and a check for $600 was erroneously charged by the bank against the account, the correct balance in bank account at month end is:

a) $29,400

b) $30,000

c) $30,600

d) $41,400

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Answers (1)
  1. 28 August, 03:50
    0
    The correct answer is C

    Explanation:

    The amount of correct balance which is shown in the bank account at the month end is:

    = Month end balance - Outstanding balance + Deposit in transit at month end + Check which was erroneously charged by bank

    = $36,000 - $10,000 + $4,000 + $600

    = $26,000 + $4,600

    = $30,600

    Therefore, the month end balance amounts to $30,600 in the bank account.
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