Vida Corporation gathered the following reconciling information in preparing its July ban reconciliation: The adjusted cash balance per books at July 31 is

Question

Vida Corporation gathered the following reconciling information in preparing its July ban reconciliation:  The adjusted cash balance per books at July 31 is

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To find the adjusted cash balance per books at July 31, we start with the ending balance according to the bank statement, which is $2,390. We then add the deposits in transit, which are $1,520, and subtract the outstanding checks, which total $750. This gives us an adjusted balance of $3,160. However, we also need to consider the following adjustments:

- The bank collected a note receivable for Vida Corporation, which was worth $500. This amount was not recorded in the company's books yet, so we need to add it to the adjusted balance. This brings the balance to $3,660.
- Vida Corporation made an EFT payment for $500, which was not reflected in the bank statement. This reduces the adjusted balance to $3,160 again.
- Finally, there is a bank service charge of $100, which was not recorded in the company's books. This reduces the adjusted balance to $3,060.

Therefore, the adjusted cash balance per books at July 31 is $4,160 (ending balance per bank statement + deposits in transit - outstanding checks + note receivable - EFT payment - bank service charge). The correct answer is C.

Vida Corporation Gathered the Following Reconciling Information in Preparing Its