At June 30, Mareska Company has the following bank information: cash balance per bank $1,800; outstanding checks $340; deposits in transit $275; credit memo for interest $75; bank service charge $10.What is Mareska's adjusted cash balance on June 30?

Question

Quizplus · Accepted Answer

The adjusted cash balance is calculated as: Cash balance per bank ($1,800) - Outstanding checks ($340) + Deposits in transit ($275) = $1,735. The credit memo and bank service charge are not included in the bank balance adjustment.

At June 30, Mareska Company Has the Following Bank Information