Question

The May bank statement for Rental shows a balance of $6,000, but the balance per books shows a cash balance of $8,000. Other information includes: 1. A check for $190 to pay the electric bill was recorded on the books as $10. 2. Included on the bank statement was a note collected by the bank for $450 plus interest of $30. 3. Checks outstanding totaled $270. 4. Bank service charges were $60. 5. Deposits in transit were $2,510.

Answer 1

The adjusted cash Balance is $8060 .

What is Bank Balance ?

The amount of money in a person's account at any given time is the Bank Balance of that person's account.

Unadjusted bank balance       6000

Difference in the electricity bill    -180

Add: Deposit in transit               2510

Less: Outstanding Checks         -270

Adjusted cash balance                8060

So answer is a) $8060

Therefore the adjusted cash Balance is $8060 .

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