FEUST Company is preparing its bank reconciliation for the month of March and revealed the following information: Cash in bank balance 130,000Cash per bank statement 80,000The bank statement showed the following items: Loan credited to the company 20,000 Bank service charges 800 Interest income on deposits 1,500 NSF Check 12,000The bank erroneously debited the depositor's account by 20,000Undeposited collections amounted to 30,000The book recorded twice a payment pertaining to a supplier 43,700The oustanding checks totalled which includes an unreleased check of P10,000 and a cancelled check of P5,000 50,000 How much is the adjusted cash in bank balance?

Solution:- Calculation of the adjusted cash in bank balance as follows under:-

Answered: FEUST Company is preparing its bank…

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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Question

FEUST Company is preparing its bank reconciliation for the month of March and revealed the following information:

Cash in bank balance			130,000
Cash per bank statement			80,000
The bank statement showed the following items:
Loan credited to the company		20,000
Bank service charges			800
Interest income on deposits			1,500
NSF Check				12,000
The bank erroneously debited the depositor's account by	20,000
Undeposited collections amounted to		30,000
The book recorded twice a payment pertaining to a supplier	43,700
The oustanding checks totalled which includes an unreleased check of P10,000 and a cancelled check of P5,000
50,000

How much is the adjusted cash in bank balance?