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23 December, 13:48

At April 30, Metlock, Inc. has the following bank information: Cash balance per bank $6200 Outstanding checks $380 Deposits in transit $750 Credit memo for interest $15 Bank service charge $30 What is Metlock adjusted cash balance on April 30?

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  1. 23 December, 15:50
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    Adjusted cash balance as at April 30 = $ 6,185

    Explanation:

    Balance as per cash book $ 6,200

    Add: Credit Memo for interest $ 15

    Less: Bank Service charges $ (30)

    Adjusted balance per cash book $ 6,185

    The other data items for outstanding checks and deposits in transit are cash book originating entries.

    The checks which are outstanding are already recorded when issued, so no adjustment is required.

    The deposits in transit are already recorded when collected so no adjustment is required.

    The bank service charges and interest information is only made available from the bank statement and thus has to be recorded in the cash book.
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Home » Business » At April 30, Metlock, Inc. has the following bank information: Cash balance per bank $6200 Outstanding checks $380 Deposits in transit $750 Credit memo for interest $15 Bank service charge $30 What is Metlock adjusted cash balance on April 30?
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