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6 November, 14:55

In preparing its bank reconciliation for the month of April 2020, Sells, Inc. has available the following information. Balance per bank statement, 4/30/20 $40920 NSF check returned with 4/30/20 bank statement 1450 Deposits in transit, 4/30/20 10200 Outstanding checks, 4/30/20 15060 Bank service charges for April 60 What should be the adjusted cash balance at April 30, 2020?

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  1. 6 November, 16:54
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    The adjusted cash balance at April 30, 2020 is $36,060

    Explanation:

    The adjusted cash balance at April 30, 2020 is computed as:

    Adjusted cash balance = Balance as per bank statement, 4/30/20 + Deposit in transit, 4/30/20 - Outstanding check, 4/30/20

    where

    Balance as per bank statement is $40,920

    Deposit in transit is $10,200

    Outstanding check is $15,060

    = $40,920 + $10,200 - $15,060

    = $51,120 - $15,060

    = $36,060
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