A company is reconciling it\'s cash balance. It\'s bank balance is $40,000. The

Question

A company is reconciling it's cash balance. It's bank balance is $40,000. The company has deposits in transit of $1,400 and outstanding checks of $4,200. The company's bank statement reveals an NSF check of $70 and fees of $53. Calculate the company's adjusted cash balance. A company is reconciling it's cash balance. It's bank balance is $40,000. The company has deposits in transit of $1,400 and outstanding checks of $4,200. The company's bank statement reveals an NSF check of $70 and fees of $53. Calculate the company's adjusted cash balance.

Explanation / Answer

Balance as per Bank statement                  40,000

Add: Deposits in transit                                 14,00

Less: Outstanding cheques                          4,200

Adjusted Bank balance                                  40,000+14,00-4,200=37,200

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