Exercise 7-6 Rachel Sells is unable to reconcile the bank balance at January 31.

Question

Exercise 7-6 Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown here Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $4,212.20 650.00 52.50 $4,809.70 Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books $4,510.20 565.50 970.00 $4,914.70 (a) What is the proper adjusted cash balance per bank? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per bank (b) What is the proper adjusted cash balance per books? (Round answers to 2 decimal places, e.g. 52.75.) The proper adjusted cash balance per books 1s

Explanation / Answer

a Proper adjusted cash balance per bank=4212.2+565.5-970= $3807.7 b Proper adjusted cash balance per books=4510.2-650-52.5= $3807.7

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