Ask Question
3 December, 22:21

Brangelina Adoption Agency's general ledger shows a cash balance of $4,583. The balance of cash in the March-end bank statementis $7,325. The bank statement reveals the following information: checks outstanding of $2,793, bank service fees of $75, and interest earned of $24. Calculate the correct balance of cash at the end-of March.

+3
Answers (1)
  1. 4 December, 01:06
    0
    The correct cash balance is $7,325

    Explanation:

    When preparing bank reconciliation, some items are added while some are subtracted depending on which balance is started with.

    In this case, the cash balance will be started with and adjusted to the correct balance at the end of March

    $

    Cash balance as per ledger 4,583

    Add: interest earned 24

    Less: Bank service fee (75)

    Adjusted cash balance 4,532

    Add back outstanding check 2,793

    Correct cash balance as at end of March 7,325
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Brangelina Adoption Agency's general ledger shows a cash balance of $4,583. The balance of cash in the March-end bank statementis $7,325. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers