Figure B
On June 30, a company had $1,924 in its cash account according to its general ledger. This included a deposit of $174 that was in transit on June 30. The June 30 bank statement contained the following information:
$\begin{array}{llr}
\text {Bank statement balance } &\$2,178\
\text { Bank service charge } &14\
\text { Collection of notes receivable } &136\
\text { NSF cheque } &32\
\end{array}$

-Refer to Figure B.Assuming outstanding cheques of $338,what is the company's adjusted cash balance at June 30?

Question

Figure B
On June 30, a company had $1,924 in its cash account according to its general ledger. This included a deposit of $174 that was in transit on June 30. The June 30 bank statement contained the following information:
 $\begin{array}{llr}
  \text {Bank statement balance  } &\$2,178\
 \text { Bank service charge } &14\
 \text { Collection of notes receivable } &136\
 \text { NSF cheque } &32\
\end{array}$

-Refer to Figure B.Assuming outstanding cheques of $338,what is the company's adjusted cash balance at June 30?

Quizplus · Accepted Answer

The adjusted cash balance is the bank statement balance plus any deposits in transit and minus any outstanding checks. In this case, the bank statement balance is $2,178, there is a deposit in transit of $174, and there are outstanding checks of $338. Therefore, the adjusted cash balance is $2,178 + $174 - $338 = $2,014.

Figure B on June 30, a Company Had $1,924 in Its

Figure B
on June 30, a Company Had $1,924 in Its