Question

Robert's Company gathered the following reconciling info. in preparing it's May bank reconciliation: Book balance at May 31, $4550, Bank balance at May, 31, $6025, Deposits in transit, not recorded by the bank of $425, Deposit of $650 incorrectly recorded by the as $560, Check #342 for $410 was incorrectly recorded by the company as $140, Outstanding checks of $2220, and NSF check of $140 was returned by the bank to the company. The adjusted cash balance according to the company's records on May 31 is? Which line is missing info? The question is written exactly according to the example.

Answer 1

Robert's Company Bank Reconciliation For the period ending May 31 Balance as per Bank Statement Add:Deposit in Transit 4550 425 6025 Balance as per Books Add:Correction ( 650 - 560) 425 90 90 6450 4640 Deduction:Outstanding checks 2220 270 Deduction: Correction of error ( 410 - 140) 2220 NSF Check 4230 Adjusted Cash Balance 140 410 Adjusted Cash Balance 4230