Border Company's cash account had a balance of $962 on August 31.This included a bank deposit of $87 that was in transit on the 31^st.The August 31 bank statement contained the following information:

Border also had checks outstanding of $169.What is Border's adjusted cash balance at August 31?

Question

Border Company's cash account had a balance of $962 on August 31.This included a bank deposit of $87 that was in transit on the 31^st.The August 31 bank statement contained the following information:

Border Company's cash account had a balance of $962 on August 31.This included a bank deposit of $87 that was in transit on the 31<sup>st</sup>.The August 31 bank statement contained the following information: Border also had checks outstanding of $169.What is Border's adjusted cash balance at August 31? A) $ 920 B) $ 940 C) $1,007 D) $1,089

Border also had checks outstanding of $169.What is Border's adjusted cash balance at August 31?

Quizplus · Accepted Answer

Starting cash balance: $962
Add: Deposit in transit: $87
Adjusted balance: $1,049

Subtract: Checks outstanding: $169
Adjusted cash balance: $1,049 - $169 = $880

Therefore, the correct answer is C) $1,007.

Border Company's Cash Account Had a Balance of $962 on August