Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Discover solutions to your questions from experienced professionals across multiple fields on our comprehensive Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $17,025. Clayborn's May bank statement shows $15,800 on deposit in the bank. Determine the adjusted cash balance using the following information:

Sagot :

abiolataiwo2015

Answer:

Adjusted bank balance $16,400.

Adjusted Cash balance $16,400.

Explanation:

Preparation of a bank reconciliation.

Bank Statement Balance ($15,800)

Add deposits in transit" ($5,200)

Deduct "outstanding checks" ($4,600)

Adjusted bank balance $16,400

Cash Account ($17,025)

Deduct charges/fees ($25)

Deduct NSF checks ($600)

Adjusted cash balance $16,400

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We hope this was helpful. Please come back whenever you need more information or answers to your queries. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.