Please provide answer this financial accounting question Harbor Tech Solutions has an unadjusted bank balance of$7,850 as of April 30. The bank reconciliation shows thefollowing:Outstanding checks = $1,120Deposits in transit = $780What is HarborTech's true (adjusted) cash balance?

Step 1: Definition of Adjusted Cash BalanceThe adjusted cash balance is the true amount of cash a…

Answered: Harbor Tech Solutions has an unadjusted…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 3E

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Using the following information, prepare the bank reconciliation for Marks Corp for October 30, 2020. Be sure to exclude items that do not belong on a bank reconciliation. a. The unadjusted balance of cash in the general ledger was a debit balance of $3,000. b. The ending balance of cash per the bank statement was $3,500. c. Outstanding checks are $925. d. Bank service charge on the bank statement was $30. e. Ending balance of notes receivable in the general ledger is $500. f. Interest earned on the bank statement was $5. g. Deposits in transit are $400.
A. At July 31, Ramirez Company has the following bank information: cash balance per bank $8,039, outstanding checks $691, deposits in transit $1,163, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. B. Differences between when a company records a transaction and when the bank records the same transaction are called timing differences. True or False? C. When performing a bank reconciliation, checks outstanding are added back to the bank balance. True or False?
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Using the following information, prepare a bank reconciliation for Young Co. for August 31, 2009: a. The bank statement balance is $4,010. b. The cash account balance is $4,207. c. Outstanding checks amounted to $517. d. Deposits in transit are $633. e. The bank service charge is $45. f. A check for $84 for supplies was recorded as $48 in the ledger.

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Harbor Tech Solutions has an unadjusted bank balance of $7,850 as of April 30. The bank reconciliation shows the following: Outstanding checks = $1,120 Deposits in transit = $780 What is HarborTech's true (adjusted) cash balance?