The following data were gathered to use in reconciling the bank account of Savannah Company: $$\begin{array} { | l | l | }
\hline \text { Balance per bank } & \
\hline \text { Balance per company records } & \
\hline \text { Bank service charges } & \
\hline \text { Deposit in transit } & \
\hline \text { NSF check } & \
\hline \text { Outstanding checks } & \
\hline
\end{array}$$ What is the adjusted balance on the bank reconciliation?

Question

The following data were gathered to use in reconciling the bank account of Savannah Company: $$\begin{array} { | l | l | } 
\hline \text { Balance per bank } & \
\hline \text { Balance per company records } & \
\hline \text { Bank service charges } & \
\hline \text { Deposit in transit } & \
\hline \text { NSF check } & \
\hline \text { Outstanding checks } & \
\hline
\end{array}$$ What is the adjusted balance on the bank reconciliation?

Quizplus · Accepted Answer

The adjusted balance is calculated by taking the balance per bank, adding deposits in transit, and subtracting outstanding checks. The balance per company records is adjusted by subtracting bank service charges and NSF checks. The correct adjusted balance is $15,095.

The Following Data Were Gathered to Use in Reconciling the Bank