Question 1 (20 points) The following information regarding cash for Alpha Compan
ID: 2396722 • Letter: Q
Question
Question 1 (20 points)
The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:
Item
Amount
Ending Cash per Bank Statement
Ending Cash per books
$22,484
$14,794
Note collected by bank included interest of $106
$5,106
Bank Service Charges
$35
Deposits in Transit
$1,776
Outstanding Cheques
$4,717
Customer Cheque returned NSF
$322
Do the bank reconciliation in order to find the adjusted cash balance.
Item
Amount
Ending Cash per Bank Statement
Ending Cash per books
$22,484
$14,794
Note collected by bank included interest of $106
$5,106
Bank Service Charges
$35
Deposits in Transit
$1,776
Outstanding Cheques
$4,717
Customer Cheque returned NSF
$322
Explanation / Answer
Bank reconciliation :
Unadjusted balance as per bank statement 22484 Add:Deposit in transit 1776 24260 Less: Outstanding checks -4717 Adjusted balance as per book 19543 Unadjusted balance as per book 14794 Add: Notes collected with interest 5106 19900 Less; NSF Check -322 Less; Bank service charges -35 Adjusted balance as per book 19543Related Questions
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