The Roscoe Company's March 1,2010 bank statement balance was $70,000.As of March 1,outstanding checks total $22,000 and deposits in transit total $15,000.How much was Roscoe's March 1,2010 cash balance on their books?

Question

Quizplus · Accepted Answer

Book cash balance ($63,000) = Bank balance ($70,000) - Outstanding checks ($22,000) + Deposits in transit ($15,000).

The Roscoe Company's March 1,2010 Bank Statement Balance Was $70,000