Acompany's general ledger shows a cash balance of $4,590. comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,860, bank service fees of $140, and interest earned of $28.
calculate the correct balance of cash.

correct balance cash is $4478

Explanation:

given data

cash balance = $4590

check outstanding = $2860

service fee = $140

interest earn = $28

to find out

correct balance cash

solution

we have given check outstanding , service fees and interest

so

correct balance cash is express as

correct balance cash = cash balance - service fee + interest

correct balance cash = 4590 - 140 + 28

correct balance cash = 4478

so correct balance cash is $4478

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