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4 April, 18:04

Jones Company collected the following information to prepare its August bank reconciliation: Cash balance per books, August 31, $9,400. Deposits in transit, $1,100. Notes receivable with interest collected by bank, $2,500. Bank service charges, $50. Outstanding checks, $1,450. NSF check, $400. How much is the adjusted cash balance per books on August 31?

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  1. 4 April, 18:20
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    Adjusted cash balance as per books = $11,100

    Explanation:

    Given Cash balance as per books = $9,400

    Add: Deposits in transit that is deducted by us but not added by bank thus added = $9,400 + $1,100 = $10,500

    Add: Notes Receivables collected by bank but not added in books = $10,500 + $2,500 = $13,000

    Less: Bank Service Charges as not deducted in books = $13,000 - $50 = $12,950

    Less: Outstanding Checks as yet not cleared = $12,950 - $1,450 = $11,500

    Less: NSF check as not received by bank = $11,500 - $400 = $11,100

    Adjusted cash balance as per books = $11,100
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