The ending bank statement balance at November 30 is $ 6 comma 950. The bank statement shows a service charge of $ 95 , electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total $ 2 comma 350 and outstanding checks are $ 1 comma 435. The balance per books at November 30 is $ 7 comma 810. What is the adjusted bank balance at November 30?

Question

Business

Mohamed Kirk

25 February, 10:58

The ending bank statement balance at November 30 is $ 6 comma 950. The bank statement shows a service charge of $ 95 , electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total $ 2 comma 350 and outstanding checks are $ 1 comma 435. The balance per books at November 30 is $ 7 comma 810. What is the adjusted bank balance at November 30?

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Answers (1)

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Myla Manning · Answer 1

The adjusted bank balance at November 30 is $7,865

Explanation:

The computation of the reconciled balance is shown below:

= Bank balance - outstanding checks + deposit in transit

= $6,950 - $1,435 + $2,350

= $7,865

All other items which are mentioned in the question are related to the cash balance. These items would be adjusted either positive or negative in the checkbook balance. After reconciliation, both the cash balance and the bank balance would be equal and balanced