Question

Prepare a bank reconciliation: ABC Enterprises gathered the following information prior to reconciling their cash balance per books (internal accounting records) to the recently received bank statement for the month ending January 31, 2018: Cash per balance per books, 1/31/18 Deposits in transit NSF check Bank services charges Outstanding checks Notes Receivable collected by the bank S 1,000 Cash balance per bank, 1/31/18 $7,500 S 500 50 000'9 S $11,950 Perform the bank reconciliation: The ADJUSTED CASH BALANCE PER BOOK as of January 31, 2018:________
A) $7,950
B) $7,500
C) $6,950
D) $3,500

Answer 1

Answer: ADJUSTED CASH BALANCE PER BOOK as of January 31, 2018 is  A) $7,950

Explanation:

ABC Enterprises reconciled cash balance per books (internal accounting records as of January 31, 2018.

Cash balance as per company book      $7,500

Add:

Notes receivable collected by bank         $1000

Deduct:

NSF check                                                    $500

Bank service charge                                    $50

Adjusted Book Balance                             $7,950