Question 1 (20 points) The following information regarding cash for Alpha Compan
ID: 2414118 • Letter: Q
Question
Question 1 (20 points)
The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:
Item
Amount
Ending Cash per Bank Statement
$1,484
Ending Cash per Company Books
$1,681
Bank Service Charges
$11
Deposits in Transit
$317
Outstanding Cheques
$221
Customer Cheque returned NSF
$90
What is the adjusted cash balance based on the completed bank reconciliation?
Item
Amount
Ending Cash per Bank Statement
$1,484
Ending Cash per Company Books
$1,681
Bank Service Charges
$11
Deposits in Transit
$317
Outstanding Cheques
$221
Customer Cheque returned NSF
$90
Explanation / Answer
The adjusted cash balance based on the completed bank reconciliation is:
= $1,681 - $90 - $11
= $1,580
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