The following items appeared on the January 31 bank reconciliations for Corbett Company:Outstanding checks: $30NSF Check: $16Bank Service charge: $9Deposit in transit: $32Error: Check written by Corbett for $440 was correctly recorded in the books, but the bank recorded $404Bank collection of Note receivable for Corbett: $44The Unadjusted January 31 book balance sheet is $1000The adjusted cash balance for January 31 balance sheet is?

Question
Asked May 1, 2019
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The following items appeared on the January 31 bank reconciliations for Corbett Company:

Outstanding checks: $30

NSF Check: $16

Bank Service charge: $9

Deposit in transit: $32

Error: Check written by Corbett for $440 was correctly recorded in the books, but the bank recorded $404

Bank collection of Note receivable for Corbett: $44

The Unadjusted January 31 book balance sheet is $1000

The adjusted cash balance for January 31 balance sheet is? 

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Expert Answer

Step 1

Bank Reconciliation Statement:

Bank statement is prepared by bank. The company maintains its own records from its perspective. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

Step 2

Calculate adjusted cash balance fo...

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