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E7‑6

Tasha Orin is unable to reconcile the bank balance at January 31. Tasha’s reconciliation is shown here.

Cash balance per bank$3,677.20
Add: NSF check450.00
Less: Bank service charge28.00
Adjusted balance per bank$4,099.20
Cash balance per books$3,975.20
Less: Deposits in transit590.00
Add: Outstanding checks770.00
Adjusted balance per books$4,155.20
 

Prepare bank reconciliation and adjusting entries.

(SO 5), AP

Instructions

  1. What is the proper adjusted cash balance per bank?
  2. What is the proper adjusted cash balance per books?
  3. Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.
    • 11 years ago
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