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Cash balance is correct. But what would the total be. ($______)

Cash balance is correct. But what would the total be. ($______)

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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Cash balance is correct. But what would the total be. ($______)
# Bank Reconciliation Example ## Bob's Vitamins: Reconciliation of Bank and Book Balance ### As of March 31, 20XX --- ### Bank Balance - **Ending Balance, March 31:** $14,048 #### Additions: - Deposit in transit: $2,653 #### Subtractions: - Checks outstanding: ($964) **Total Adjustments:** --- ### Book Balance - **Ending Book Balance, March 31:** $15,423 #### Additions: - Direct deposit: $325 - Interest earned: $32 #### Subtractions: - NSF check returned: ($43) **Total Adjustments:** --- ### Correct Cash Balance - **Bank:** $15,737 - **Book:** $15,737 --- This reconciliation ensures that the bank and book balances match after accounting for outstanding checks, deposits in transit, and other adjustments.
Transcribed Image Text:# Bank Reconciliation Example ## Bob's Vitamins: Reconciliation of Bank and Book Balance ### As of March 31, 20XX --- ### Bank Balance - **Ending Balance, March 31:** $14,048 #### Additions: - Deposit in transit: $2,653 #### Subtractions: - Checks outstanding: ($964) **Total Adjustments:** --- ### Book Balance - **Ending Book Balance, March 31:** $15,423 #### Additions: - Direct deposit: $325 - Interest earned: $32 #### Subtractions: - NSF check returned: ($43) **Total Adjustments:** --- ### Correct Cash Balance - **Bank:** $15,737 - **Book:** $15,737 --- This reconciliation ensures that the bank and book balances match after accounting for outstanding checks, deposits in transit, and other adjustments.
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