Question

Partial Question 8 2.75/3 pts You receive a bank statement that shows a cash balance of $66,744. However, company records show a $71,948 cash balance. The statement shows the following items that the company has not recorded: $2,700 in customer deposits from a lock box and a $224 bank service fee. The company made a $12,240 deposit at the end of the month that the bank does not show. You also note that $4,560 in company checks have not been cashed yet. Create a Bank Statement for your company. Bank Cash Balance: [ Select] Add: [ Select] [ Select ] Subtract: [ Select ] [ Select ]

Answer 1

Errors and ommissions in books are corrected in the books and bank errors are corrected in bank statement
Bank Cash Balance	66,744
Add: Deposits in Transit	12,240
Subtract
Outstanding checks	4,560
Adjusted Bank Balance	74,424
Book Cash Balance	71,948
Add: Lock box deposits	2,700
Less
Bank Service fees	224
Adjusted cash balance	74,424