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 bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.

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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?