Taylor Corp.identified the following data in preparing a bank reconciliation on October 31, 2016. $$\begin{array} { l r }
\text { Bank statement balance } & \$ 29,600 \
\text { Taylor's book balance (before adjustments) } & ? \
\text { Outstanding checks } & 3,100 \
\text { NSF checks } & 300 \
\text { Service charges } & 200 \
\text { Deposits in transit } & 2,200 \
\text { Interest earned on checking account } & 100
\end{array}$$ ?? How much is Taylor's adjusted cash balance on October 31, 2016?
A) $28,700
B) $29,100
C) $28,300
D) $29,600

Question

Taylor Corp.identified the following data in preparing a bank reconciliation on October 31, 2016. $$\begin{array} { l r } 
\text { Bank statement balance } & \$ 29,600 \
\text { Taylor's book balance (before adjustments) } & ? \
\text { Outstanding checks } & 3,100 \
\text { NSF checks } & 300 \
\text { Service charges } & 200 \
\text { Deposits in transit } & 2,200 \
\text { Interest earned on checking account } & 100
\end{array}$$ ?? How much is Taylor's adjusted cash balance on October 31, 2016?
A) $28,700
B) $29,100
C) $28,300
D) $29,600

Quizplus · Accepted Answer

Taylor's adjusted cash balance is $28,700. The bank statement balance is $29,600. Add deposits in transit of $2,200 and deduct outstanding checks of $3,100, NSF checks of $300, and service charges of $200.

Taylor Corp ?? How Much Is Taylor's Adjusted Cash Balance on October