Homework Answers
Adjusted cash balance = Cash balance per books - Bank service charge
= 25,000 - 50
= $24,950
| Adjusted cash balance | 24,950 |
| Outstanding check | 2,000 |
| 26,950 | |
| Deposit in transit | - 3,000 |
| Cash balance per bank statement | $23,950 |
Cash balance per bank statement = $23,950
Correct option is (D)
Cash balance to be reported on May 31 Balance sheet = $$24,950
Correct option is (A)
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