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A company's bank statement balance is $3,500 and shows a service charge of $24, interest earned of $3, and an NSF check for $250. Deposits in transit total $1,500; outstanding checks are $375. The company's bookkeeper erroneously recorded a check received from a customer as a $162 check when it was actually a $138 check. This created a book error of $24. (1) What is the adjusted bank balance? (2) What was the book balance of cash before the reconciliation? (1) What is the adjusted bank balance? Adjusted bank balance = 4,625 (2) What was the book balance of cash before the reconciliation? The book balance of cash before the reconciliation = C

A company's bank statement balance is $3,500 and shows a service charge of $24, interest earned of $3, and an NSF check for $250. Deposits in transit total $1,500; outstanding checks are $375. The company's bookkeeper erroneously recorded a check received from a customer as a $162 check when it was actually a $138 check. This created a book error of $24. (1) What is the adjusted bank balance? (2) What was the book balance of cash before the reconciliation? (1) What is the adjusted bank balance? Adjusted bank balance = 4,625 (2) What was the book balance of cash before the reconciliation? The book balance of cash before the reconciliation = C

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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​(2) What was the book balance of cash before the​ reconciliation?
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A company's bank statement balance is $3,500 and shows a service charge of $24, interest earned of $3, and an NSF check for $250. Deposits in transit total $1,500; outstanding checks are $375. The company's bookkeeper erroneously recorded a check received from a customer as a $162 check when it was actually a $138 check. This created a book error of $24. (1) What is the adjusted bank balance? (2) What was the book balance of cash before the reconciliation? (1) What is the adjusted bank balance? Adjusted bank balance = 4,625 (2) What was the book balance of cash before the reconciliation? The book balance of cash before the reconciliation =
Transcribed Image Text:A company's bank statement balance is $3,500 and shows a service charge of $24, interest earned of $3, and an NSF check for $250. Deposits in transit total $1,500; outstanding checks are $375. The company's bookkeeper erroneously recorded a check received from a customer as a $162 check when it was actually a $138 check. This created a book error of $24. (1) What is the adjusted bank balance? (2) What was the book balance of cash before the reconciliation? (1) What is the adjusted bank balance? Adjusted bank balance = 4,625 (2) What was the book balance of cash before the reconciliation? The book balance of cash before the reconciliation =
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