FEUST Company is preparing its bank reconciliation for the month of March and revealed the following information: Cash in bank balance 130,000Cash per bank statement 80,000The bank statement showed the following items: Loan credited to the company 20,000 Bank service charges 800 Interest income on deposits 1,500 NSF Check 12,000The bank erroneously debited the depositor's account by 20,000Undeposited collections amounted to 30,000The book recorded twice a payment pertaining to a supplier 43,700The oustanding checks totalled which includes an unreleased check of P10,000 and a cancelled check of P5,000 50,000 How much is the adjusted cash in bank balance?

Solution:- Calculation of the adjusted cash in bank balance as follows under:-

Answered: FEUST Company is preparing its bank…

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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The June 30 bank statement shows a balance of $7,100. The following information as discovered while the bank reconciliation was prepared: A bookkeeper error where a $400 check written to a supplier was incorrectly recorded as $500 Two outstanding checks totaling $840 A bank service charge of $29 A deposit in transit of $330 Bank interest revenue of $20 What is the adjusted bank balance?
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FEUST Company is preparing its bank reconciliation for the month of March and revealed the following information:

Cash in bank balance			130,000
Cash per bank statement			80,000
The bank statement showed the following items:
Loan credited to the company		20,000
Bank service charges			800
Interest income on deposits			1,500
NSF Check				12,000
The bank erroneously debited the depositor's account by	20,000
Undeposited collections amounted to		30,000
The book recorded twice a payment pertaining to a supplier	43,700
The oustanding checks totalled which includes an unreleased check of P10,000 and a cancelled check of P5,000
50,000

How much is the adjusted cash in bank balance?