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Norma-Jean [14]
3 years ago
7

A​ company's bank statement balance is $ 3,400 and shows a service charge of $ 12​, interest earned of $ 7​, and an NSF check fo

r $ 240. Deposits in transit total $ 1,000​; outstanding checks are $ 675. The​ company's bookkeeper erroneously recorded a check received from a customer as a $ 145 check when it was actually a $ 120 check. This created a book error of $ 25.
(1) What is the adjusted bank balance?
(2) What was the book balance of cash before the reconciliation?
Business
1 answer:
BigorU [14]3 years ago
7 0

Answer:

a. $3,725

b. $3,945

Explanation:

a. The computation of the adjusted cash balance is shown below:

= Bank statement balance + Deposits in transit - outstanding checks

= $3,400 + $1,000 -  $675

= $3,725

b. The computation of the book balance of cash before the reconciliation is shown below:

= Adjusted cash balance +  service charge + NSF checks - interest earned -  recording error

= $3,725 + $12 + $240 - $7 - $25

= $3,945

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