At july 31, planter company has this bank information: cash balance per bank $7,291, outstanding checks $762, deposits in transit $1,350, and a bank service charge $40. determine the adjusted cash balance per bank at july 31.

To solve:

Adjusted cash balance = (Cash balance + deposits in transit) - outstanding checks

Cash balance = $7,291

Deposits in transit = $1,350

Outstanding checks = $762

Adjusted cash balance = ($7,291 + $1,350) - $762

Adjusted cash balance = $8,641 - $762

Adjusted cash balance = $7,879