Damon Company receives its monthly bank statement, which reports a balance of $1

Question

Damon Company receives its monthly bank statement, which reports a balance of $1,950. After comparing this to the company's cash records, Damon's accountants determine that deposits outstanding total $2,800 and checks outstanding total $3,100.

Calculate the reconciled bank balance for cash.

Damon Company receives its monthly bank statement, which reports a balance of $1,950. After comparing this to the company's cash records, Damon's accountants determine that deposits outstanding total $2,800 and checks outstanding total $3,100.

Explanation / Answer

BALANCE AS PER BANK STATEMENT = 1950

ADJUSTMENTS:-

LESS:-CHECKS OUTSTANDING = (3100)

ADD:DEPOSITS OUTSTANDING = 2800

BALANCE AS PER CASH BOOK (i.e. the reconciled bank balance for cash.) = 1650

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