Question
QUESTION 49 1 points Save Ar On October 31, 2016, Siri Studios, Inc. had a balance...
QUESTION 49 1 points Save Ar On October 31, 2016, Siri Studios, Inc. had a balance per their records of $15,015. In reconciling their October 31, 2016 bank statement, Siri found outstanding checks of $4,500, a deposit in transit of $8,300, NSF checks of $1,400, and bank service charges of $88. Additionally, the October 23rd deposit of $8,100 was incorrectly recorded as $1,800 in the records of Siri. The adjusted cash balance should be? (Do Not enter dollar signs.)
Answers
Calculate the adjusted cash balance:
The bank did not record $6,300 of the checks deposits. Therefore, it is added in the balance. NSF check is a check which is not honored by the bank stating the non-sufficient fund. Therefore, it is subtracted. The bank charges are negative flows. Therefore, it is also subtracted.
Please take your valuable time and rate the solution as per your convenience.
Particulars Balance as per cash book Add: Bank error ($8,100 - $1,800) Less: NSF checks Less: Bank charges Adjusted cash balance Amount $15,015 $6,300 $1,400 $88 $19,827
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