In preparing its June 30, bank reconciliation, a company has available the following information:

Balance per bank statement on June 30 was $55,300

Deposit in transit on June 30 were 7,800

Return of customer's check not sufficient funds 1,200

Outstanding checks as of June 30 were 5,500

Bank service charges for June were 350

1. As of June 30, the company's adjusted cash balance is:

Select one:

a. 441,000

b. $44,200

c. $44,400

d. $57,600

Option (D) is correct.

Explanation:

Given that,

Balance per bank statement on June 30 = $55,300

Deposit in transit on June 30 = 7,800

Return of customer's check not sufficient funds = 1,200

Outstanding checks as of June 30 = 5,500

Bank service charges for June = 350

As of June 30, the company's adjusted cash balance is as follows:

= Balance as per bank statement + Deposit in transit - Outstanding cheques as on June 30

= $55,300 + $7,800 - $5,500

= $57,600