The Following Information Was Available to the Accountant of Midland

question 180

Multiple Choice

The following information was available to the accountant of Midland Company when preparing the monthly bank reconciliation: $$\begin{array} { | l | r | } \hline \text { Outstanding cheques: } & \begin{array} { r } \# 643 \text { for } \$ 502 \\\# 651 \text { for } \$ 43\end{array} \\\hline \text { Bank service charges } & \$ 25 \\\hline \text { Deposits in transit } & \$ 190 \\\hline \text { Customer note receivable collected by bank } & \$500\\\hline \text { Cash balance per bank statement } & \$ 975 \\\hline \text { Cash balance per books (prior to reconciliation) } & \$ 145\\\hline\end{array}$$ What is the corrected cash balance per books following completion of the reconciliation?

• A) $120.
• B) $430.
• C) $620.
• D) $645.

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