Help Save & Exit Franklin Company deposits all cash recetpts on the day they are

Question

Help Save & Exit Franklin Company deposits all cash recetpts on the day they are received and makes all cash payments by check. At the close of business on August 31, Its Cash account shows a debit balance of $24,662. Franklin's August bank statement shows $23.437 on depost in the bank. Determine the adjusted cash balance using the following Information Deposit in transit Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company $7,958 $6,200 $165 The adjusted cash balance should be: $31,387 $17.237 1 of 10 Next > re to search

Explanation / Answer

Adjusted cash balance as per unadjusted cash balance = 24662-165+690 = 25187

Adjusted cash balance as per bank statement = 23437+7950-6200 = 25187

So answer is adjusted cash balance should be $25187

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