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15 July, 01:19

Larimore Company prepares bank reconciliations that adjust to the correct balance of cash, based on the following: Outstanding checks $ 177 Note collected for Larimore by bank 550 Bank service charges 27 Check written for $98 incorrectly recorded in books at $89; check cleared the bank for $98 9 NSF check 82 Unadjusted book balance 3,299 Deposits in transit 192Determine the adjusted cash balance.

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  1. 15 July, 01:28
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    Answer:-

    $3,731

    Explanation:

    The computation of the adjusted cash balance is shown below:

    = Unadjusted book balance + Note collected for Larimore by bank - Bank service charges - correctly amount recorded - NSF checks

    = $3,299 + $550 - $27 - $9 - $82

    = $3,731

    The correctly amount would be

    = $98 - $89

    = $9

    All other transactions are related to the bank balance. So, we do not consider it
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