The new balance from a bank statement is $16,835.55. The deposits not yet recorded by the bank are $2058.05, $92.91 and $1052.27. The checks outstanding are $352.85, $188.14, $144.73 and $81.20. Determine the adjusted bank balance.
The new balance from a bank statement is $16,835.55. The deposits not yet recorded by the bank are $2058.05, $92.91 and $1052.27. The checks outstanding are $352.85, $188.14, $144.73 and $81.20. Determine the adjusted bank balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The new balance from a bank statement is $16,835.55. The deposits not yet recorded by the bank are $2058.05, $92.91 and $1052.27. The checks outstanding are $352.85, $188.14, $144.73 and $81.20. Determine the adjusted bank balance.
Expert Solution
Step 1
Bank Reconciliation Statement :— It is the statement to reconcile balance as per bank statement and balance as per bank column of cash book.
Adjusted Bank Balance :— It is calculated by adjusting deposit in transit, outstanding checks, bank errors, etc on unadjusted bank balance.
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