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6 July, 15:49

At July 31, Wildhorse Co. has this bank information: cash balance per bank $7,250, outstanding checks $670, deposits in transit $1,270, and a bank service charge $40. Determine the adjusted cash balance per bank at July 31.

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  1. 6 July, 16:22
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    The correct answer is $7,850.

    Explanation:

    According to the scenario, the given data are as follows:

    Cash balance per bank = $7,250

    Outstanding checks = $670

    Deposit in transit = $1,270

    Bank service charge = $40

    So, we can calculate the adjusted cash balance by using following formula:

    Adjusted cash balance per bank = Cash balance per bank + Deposit in transit - Outstanding checks

    = $7,250 + $1,270 - $670

    = $7,850
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