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6 July, 11:35

A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of $1,681, bank charges of $11, deposits in transit of $317, outstanding checks of $221, and NSF checks of $90. The correct cash balance is?

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  1. 6 July, 11:44
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    Correct cash balance is $ 1,580

    Explanation:

    Balance as per cash book $ 1,681

    Less: Bank charges $ (11)

    Less: NSF cheques $ (90)

    Adjusted balance per cash book $ 1,580

    Balance per bank statement $ 1,484

    Add: Deposits in transit $ 317

    Less; Outstanding checks $ (221)

    Adjusted balance per bank statement $ 1,580
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