Cyprus, Inc.'s June bank statement shows a June 30 balance of $27,150. Prior to reconciliation, its books show a cash balance of $27,630. The information below pertains to Cyprus:

The reconciled cash balance at June 30 on the bank reconciliation should be:

Question

Cyprus, Inc.'s June bank statement shows a June 30 balance of $27,150. Prior to reconciliation, its books show a cash balance of $27,630. The information below pertains to Cyprus:

The reconciled cash balance at June 30 on the bank reconciliation should be:

Quizplus · Accepted Answer

$27,150 balance per bank statement + $2,100 deposits in transit - $1,440 outstanding checks + $750 bank error correction = $28,560.
$27,630 balance per books - $60 service charge + $270 company error correction + $720 collection of note receivable and interest income = $28,560.