Asked by Aline Rugira on Jun 29, 2024
Verified
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30.? Cash balance per books, September 30$2,750 Deposits in transit 200 Notes receivable and interest collected by bank 630 Bank charge for check printing 50 Outstanding checks 1,250 NSF check 290\begin{array} { | l | r | } \hline \text { Cash balance per books, September } 30 & \$ 2,750 \\\hline \text { Deposits in transit } & 200 \\\hline \text { Notes receivable and interest collected by bank } & 630 \\\hline \text { Bank charge for check printing } & 50 \\\hline \text { Outstanding checks } & 1,250 \\\hline \text { NSF check } & 290 \\\hline\end{array} Cash balance per books, September 30 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check $2,750200630501,250290
A) $5,130
B) $3,690
C) $3,040
D) $1,590
Adjusted Cash Balance
The cash amount reflected in the accounting records after adjustments for items like outstanding checks and deposits-in-transit.
Deposits In Transit
Funds that have been sent to a bank but not yet recorded by the bank in the account holder's bank statement.
Outstanding Checks
Checks that have been issued by a company but have not yet been cashed or cleared by the bank.
- Discern the intent and steps required for conducting a bank reconciliation.
- Discover adjustments to the balances reported by the books and by the bank in the framework of bank reconciliation.
Verified Answer
Learning Objectives
- Discern the intent and steps required for conducting a bank reconciliation.
- Discover adjustments to the balances reported by the books and by the bank in the framework of bank reconciliation.
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