A bank statement shows a balance of $8,445 at June 30.The bank reconciliation is prepared and includes outstanding checks of $2,790,deposits in transit of $1,350,and a bank service charge of $30.Among the paid checks returned by the bank was check no.900 in the amount of $600,which the company had erroneously recorded in the accounting records as $60.The "adjusted cash balance" at June 30 is:

Question

Quizplus · Accepted Answer

Starting balance: $8,445
Outstanding checks: -$2,790
Deposits in transit: +$1,350
Bank service charge: -$30
Corrected amount for check #900: +$540 ($600 - $60)
Adjusted balance: $7,005

A Bank Statement Shows a Balance of $8,445 at June