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Gre4nikov [31]
3 years ago
13

Grant Company gathered the following reconciling information in preparing its July bank reconciliation: Cash balance per books,

7/31 $3,500 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per books on July 31 is a. $4,160. b. $4,010. c. $2,310. d. $2,460.
Business
1 answer:
ddd [48]3 years ago
6 0

Answer:

a. $4,160.

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.

These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

The adjusted cash book balance is one that contains the necessary adjustments to transactions captured in the bank statement but yet to be recorded in the books.

The adjusting items are

  • Notes receivable and interest collected by bank 850
  • Bank charge for check printing 20
  • NSF check 170

Hence the adjusted cash balance

= $3500 + $850 - $20 - $170

= $4,160

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