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Fed [463]
3 years ago
5

At july 31, planter company has this bank information: cash balance per bank $7,291, outstanding checks $762, deposits in transi

t $1,350, and a bank service charge $40. determine the adjusted cash balance per bank at july 31.
Business
1 answer:
Cloud [144]3 years ago
8 0
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
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