A bank reconciliation revealed the following: • Cash per bank statement: $2,345 • Cash per company records: $2,489 Bank service charges: $15 . Deposits in transit: $420 • Outstanding checks: $275 NSF checks: $80 What is the correct cash balance?

A bank reconciliation revealed the following: • Cash per bank statement: $2,345 • Cash per company records: $2,489 Bank service charges: $15 . Deposits in transit: $420 • Outstanding checks: $275 NSF checks: $80 What is the correct cash balance?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9EB: Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance:...

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Question

I am searching for the correct answer to this general accounting problem with proper accounting rules.

A bank reconciliation revealed the following:
•
Cash per bank statement: $2,345
•
Cash per company records: $2,489
Bank service charges: $15
.
Deposits in transit: $420
•
Outstanding checks: $275
NSF checks: $80
What is the correct cash balance?

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