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5 September, 15:54

At August 31, Coffman Company has this bank information: cash balance per bank $6,450; outstanding checks $2,762; deposits in transit $1,700; and a bank service charge $20. Determine the adjusted cash balance per bank at August 31, 2018.

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  1. 5 September, 19:15
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    The adjusted cash balance per bank at August 31, 2018 is $5,388

    Explanation:

    Given that,

    Cash balance per bank - $6,450

    Outstanding checks - $2,762

    Deposits in transit - $1,700

    Bank service charge - $20

    By using this above information, we can calculate the adjusted cash balance per bank which is shown below.

    Cash balance per bank - $6,450

    Add: Deposits in transit - $1,700

    Less : Outstanding checks - $2,762

    Adjusted cash balance per bank - $5,388

    Thus, The adjusted cash balance per bank at August 31, 2018 is $5,388

    Note: The deposit would increase the cash balance so it would be added whereas the outstanding check (not cleared) would decrease the cash balance so it would be deducted
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