The following data were gathered to use in reconciling the bank account of Savannah Company: What is the adjusted balance on the bank reconcilition?

Question

The following data were gathered to use in reconciling the bank account of Savannah Company:  What is the adjusted balance on the bank reconcilition?

Quizplus · Accepted Answer

To find the adjusted balance on the bank reconciliation, we need to add or subtract the following:
- Add deposits in transit: $5,020
- Subtract outstanding checks: $5,200
- Add bank error: $275
Starting with the ending balance per bank, $14,000, we can calculate the adjusted balance as follows:
$14,000 + $5,020 - $5,200 + $275 = $15,095
Therefore, the correct answer is C.

The Following Data Were Gathered to Use in Reconciling the Bank