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coldgirl [10]
3 years ago
5

Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of b

usiness on August 31, its Cash account shows a debit balance of $22,662. Franklin's August bank statement shows $21,837 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 7,350 Outstanding checks $ 5,800 Bank service fees, not yet recorded by company $ 145 The bank collected on a note receivable, not yet recorded by the company $ 870
Business
1 answer:
N76 [4]3 years ago
6 0

Answer:

Adjusted balance = $23,387

Explanation:

                    Franklin Company

        Bank Reconciliation statement

Bank balance as of August 31                 $21,837

Add: Deposit in transit          <u>                   $ 7,350</u>

                                                                 $29,187

<u>Less: Outstanding check                        $(5,800)</u>

Adjusted cash balance                          $23,387

Cash balance as of August 31                $22,662

Add: Collection of Note receivable     <u>   $     870</u>

                                                                 $23,532

<u>Less: Bank service charge                      $(    145)</u>

Adjusted cash balance                          $23,387

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