A company is reconciling it\'s cash balance. It\'s book balance is $27,300. The

Question

A company is reconciling it's cash balance. It's book balance is $27,300. The company has deposits in transit of $1,900 and outstanding checks of $3,800. The company's bank statement reveals a collection of $200 and fees of $62. Calculate the company's adjusted cash balance. A company is reconciling it's cash balance. It's book balance is $27,300. The company has deposits in transit of $1,900 and outstanding checks of $3,800. The company's bank statement reveals a collection of $200 and fees of $62. Calculate the company's adjusted cash balance.

Explanation / Answer

Answer:

Company's Adjusted Cash Balance as below:

Book (Cash) Balance as per company's book $27,300 Add: Outstaning checks $3,800 Add: Collection reveals by the bank statement $200 Less: Deposits in Transit ($1,900) Less: Bank Charges (Fees) as reveals in bank statement ($62) Adjusted Cash Balance $29,338

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