Question

BANK BOOKS Bal, Jan 31 $1,070 Bal, Jan 31 Add: Add: Deposit in transit 650 Bank...

BANK

BOOKS

Bal, Jan 31

$1,070

Bal, Jan 31

Add:

Add:

Deposit in transit

650

Bank collection

440

Interest revenue

15

Less:

Less:

Outstanding checks

Service charge

(110)

Adjusted bank balance

$1,250

Adjusted book balance

$1,250
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Answer #1
Bank Book
Bal. jan 31 1,070 Bal, jan 31 905
Add : Add :
Deposit in transit 650 Bank collection 440
Interest revenue 15
Less : Less :
Outstanding checks (470) Service charge (110)
Adjusted bank balance $1,250 Adjusted book balance $1,250

Adjusted bank balance = Bank balance, jan 31 + Deposit in transit - Outstanding checks

1,250 = 1,070 + 650 - Outstanding checks

Outstanding checks = $470

Adjusted book balance = Book balance, jan 31 + Bank collection + Interest revenue - Service charge

1,250 = Book balance, jan 31 + 440 + 15 - 110

Book balance, jan 31 = 1,250 - 440 - 15 + 110

= $905

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