Calculator Gradebook Calendar On December 31, Russell Company\'s Cash account ha

Question

Calculator Gradebook Calendar On December 31, Russell Company's Cash account had a balance of $33,040, and the balance per bank statement was $28,840. Analysis of the bank statement and comparison of the statement and records indicated the following: Deposits in transit Outstanding checks Bank service charge Customer's returned check, NSF Bank collection of note on our behalf Interest roceived on note S 14,825 5,570 15 1,150 6,180 130 In reviewing the record s, Russell Company also discovered the following error: A check for $430 in legal expense was incorrectly ecorded on the books as $340 Required: Compute the adjusted balance of Cash per books. sD Adjusted balance of Cash: Clear Undo

Explanation / Answer

BANK RECONCILIATION STATEMENT Balance as per bank statement 28840 Balance as per Books 33040 Adjustment: Adjustment Add: Deposits in transit 14825 Add: Note collection 6180 Add: Interestt collection 130 Sub totals 43665 Sub totals 39350 Less: Oustanding checks 5570 Less: Service charges 15 Less: NSF check 1150 less: Erro in recording Legal bill 90 Adjusted balance as per bank statement 38095 Adjusted balance as per books 38095 Therefore, Adjusted balance as per books $38095

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.