Question

In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following...

In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information:

Cash balance per company books on January 30 $ 5,725
Deposits in transit at month-end $ 2,000
Outstanding checks at month-end $ 620
Bank service charges $ 35
EFT automatically deducted monthly, not yet recorded by Maxi $ 580
An NSF check returned on a customer account $ 365


The adjusted cash balance per the books on January 31 is:

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Answer #1
Calculation of adjusted cash balance per books on January 31
$
Cash balance per company books on January 30       5,725.00
Less:
Bank service charges          (35.00)
EFT automatically deducted monthly, not yet recorded by Maxi        (580.00)
An NSF check returned on a customer account        (365.00)
Adjusted cash balance per books on January 31 4,745.00
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