At 31 July, the bank column in Jay’s cash book indicated a balance at bank of $312. On that same day, the bank statement showed an overdraft of $53. It was discovered that bank charges of $47 had not been entered in the cash book and that a cheque for $318 received from a customer had not yet been credited by the bank. What bank balance ought to appear in Jay’s statement of financial position at 31 July?
- A$265 asset
- B$324 liability
- C$359 asset
- D$371 liability