Solved: Calculating the correct balance of cash, Managerial Accounting

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Calculating the correct balance of cash

Response to the following problem:

Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $3,880, deposits outstanding of $1,230, NSF check of $300, and service fee of $50. cash balance of $4,230. Calculate the correct balance of cash?

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Managerial Accounting: Calculating the correct balance of cash

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