Realistic Sound's unadjusted bank balance amounted to $3,000 . Outstanding checks amounted to $500 and deposits in transit totaled $300 . Based on this information alone, Realistic's adjusted cash balance is:
a. $3,200
b. $3,300
c. $2,800
d. $2,700
c
Business
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High Step Shoes, had annual revenues of $199,000, expenses of $110,700, and paid dividends of $23,600 during the current year. The retained earnings account before closing had a balance of $311,000. The ending retained earnings balance after closing is:
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