A company received a bank statement showing a balance of $79,000. Reconciling items included outstanding checks of $2,300 and a deposit in transit of $9,400. What is the company's adjusted bank balance?

Question

Quizplus · Accepted Answer

The adjusted bank balance is calculated by starting with the bank statement balance, subtracting outstanding checks, and adding deposits in transit. Therefore, $79,000 - $2,300 + $9,400 = $86,100.

A Company Received a Bank Statement Showing a Balance of $79,000