The following information is available for Trinkle Company for the month of June: a. The unadjusted balance per the bank statement on June 30 was $56,037.
b. Deposits in transit on June 30 were $2,215.
c. A debit memo was included with the bank statement for a service charge of $11. A $5,281 check written in June had not been paid by the bank.
d. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $920, and the interest collected amounted to $30.

Required:
Determine the true cash balance as of June 30.

$52,971

Explanation:

To arrive at the true cash balance, we use the Bank Reconciliation Statement.

The Bank Reconciliation Statement adjusts the Bank Statement amount with items that are recorded in the Cash Book but not in the Bank Statement.

These include Deposits in transit and Payments already made in Cash Book.

Bank Reconciliation Statement

Balance as per Bank Statement                     $56,037

Add Outstanding Lodgements                          $2,215

Less Unpresented Checks                               ($5,281)

Balance as per Cash Book                              $52,971

Conclusion :

Thus, the true cash balance as of June 30 is $52,971

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