Company's book balance =52,800 Deposit in Transit = 6,300 Outstanding checks = 3,200 Interest earned on checking account =300 Customer NSF check returned by bank =200 Find the adjusted cash balance as at December 31, 2020 as the company was preparing its bank reconciliation statement.

Company's book balance =52,800 Deposit in Transit = 6,300 Outstanding checks = 3,200 Interest earned on checking account =300 Customer NSF check returned by bank =200 Find the adjusted cash balance as at December 31, 2020 as the company was preparing its bank reconciliation statement.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Company's book balance =52,800
Deposit in Transit = 6,300
Outstanding checks = 3,200
Interest earned on checking account =300
Customer NSF check returned by bank =200
Find the adjusted cash balance as at December 31, 2020 as the company was preparing its bank
reconciliation statement.

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