Olde Shoppe has the following information at August 31: ∙ Two deposits made on August 31 were not on the bank statement, totaling $5,300.
∙ The bank collected an EFT payment on a note receivable for $2780. Of this amount, $250 represented interest on the note.
∙ August 31 balance in Cash was $11,697.
∙ The bookkeeper forgot to record check #1578 for $543 which was cashed by the bank on August 15th.
∙ The balance on the bank statement as of August 31 was $10,720.
∙ A check printing fee of $70 was shown on the bank statement. NSF check $200.
∙ Checks #1572, 1606, and 1548, totaling $2,356, were not shown on the bank statement, even though the company had sent the checks.
What is the adjusted book balance at August 31?
A)$11,697
B)$13,664
C)$13,414
D)$8104

Question

Quizplus · Accepted Answer

The adjusted book balance is $13,664. This is calculated by adding the deposits not on the bank statement ($5,300), the EFT payment collected by the bank ($2,780), and the check printing fee ($70) to the book balance ($11,697), and then subtracting the NSF check ($200) and the checks not shown on the bank statement ($2,356).

Olde Shoppe Has the Following Information at August 31: ∙