Homework Answers
Book balance of Beacon Roofing = Note collection – Bank service charge
= $740 - $20
= $720
Explanation
Book balance of the Beacon Roofing should be adjusted at +$720 because bank service charges of $20 are only recorded in the bank book and it is not recorded in the cash book of Beacon Roofing till the current date and as $740 collection is already recorded at the time of receipt of note so it makes the adjusted balance in the Beacon Roofing cash book +$720 that is the difference between note collection and services charge.
Service charges are deducted because it is not recorded in the cash book till the current date it is only recorded in the bank book which makes the difference between both book balances.
Hence, option A is correct.
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