Homework Answers
The correct answer is $20,970.
Supporting calculations:
| Cash balance as per books | $19,500 |
| Less: NSF Check | ($180) |
| Add: Note collected by bank for the Colt Company | $1,850 |
| Less: Bank service fees | ($200) |
| Cash balance to be reported in balance sheet on August 31 | $20,970 |
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