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Schultz Tax Services, a tax preparation business had the following transactions during the month of June:
1. Received cash for providing accounting services, $3,000.
2. Billed customers on account for providing services, $7,000.
3. Paid advertising expense, $800.
4. Received cash from customers on account, $3,800.
5. paid cash dividends, $1,500.
6. Received telephone bill, $220.
7. Paid telephone bill, $220
Based on the information given above, calculate the balance of Cash at June 30. (Hint: Use the following reconciliation.)
Cash, June 1 $25,000
Plus: cash receipts for June ____________
Minus: cash payments for June ____________
Cash, June 30 ____________

Respuesta :

Zviko

Answer:

$29,280

Explanation:

It is important to consider only cash transactions when preparing a Cash Reconciliation.

Schultz Tax Services Cash Reconciliation

Cash, June 1                                                                $25,000

Plus: cash receipts for June

Receipts for Accounting Services        $3,000

Receipts from Accounts Receivables  $3,800           $6,800

Minus: cash payments for June

Advertising expense paid                       $800

Dividends paid                                       $1,500

Telephone expense paid                        $220          ($2,520)

Cash, June 30                                                             $29,280

Conclusion :

The balance of Cash at June 30 is $29,280

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