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14 July, 06:11

Annapolis Company's bank statement indicated an ending cash balance of $9,340. Alpha's accountant discovered that outstanding checks amounted to $865 and deposits in transit were $840. Additionally, the bank statement showed service charges of $25. What is the correct adjusted ending cash balance

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  1. 14 July, 09:35
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    The correct answer is $9,315

    Step-by-step explanation:

    Solution

    Given that:

    The ending cash balance = $9340

    Checks outstanding amounted to = $865

    The deposit in transit = $840

    Bank statement service charges = $25

    Now,

    We will find the correct adjusted ending cash balance which is given below:

    Correct adjusted ending cash balance = Unadjusted Balance - Outstanding Check + Deposit in transit

    = $9,340 - $865 + $840

    =$8,475 + $840

    =$9,315

    Hence,

    The correct adjusted ending cash balance is $9,315
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