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marishachu [46]
2 years ago
9

In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: C

ash balance per company books on January 30 $ 5,225 Deposits in transit at month-end $ 1,900 Outstanding checks at month-end $ 570 Bank service charges $ 30 EFT automatically deducted monthly, not yet recorded by Maxi $ 480 An NSF check returned on a customer account $ 315 The adjusted cash balance per the books on January 31 is: Multiple Choice $4,400 $5,420 $5,730 $5,255 $6,300
Business
1 answer:
12345 [234]2 years ago
3 0

Answer:

$4,400

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 balance is the balance after all the transactions omitted from the cash balance have been considered.

Deposits in transit at month-end $ 1,900  - No adjustments required

Outstanding checks at month-end $ 570 - No adjustment required

Bank service charges $ 30 - To be deducted

EFT automatically deducted monthly, not yet recorded by Maxi $ 480 - To be deducted

An NSF check returned on a customer account $ 315 - To be deducted

Adjusted cash balance = $5,225 - $30 -$480 - $315

=$4400

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