Question

At July 31, Planter Company has this bank information: cash balance per bank $7,291, outstanding checks $762, deposits in transit $1,350 and a bank service charge $40. Determine the adjusted cash balance per bank at July 31. The adjusted cash balance per bank at July 31

Answer 1

Answer:

$7,879

Explanation:

The computation of the  adjusted cash balance per bank at July 31 is shown below:

Adjusted cash balance per bank = Cash balance per bank + deposits in transit - outstanding checks

= $7,291 + $1,350 - $762

= $7,879

The other items which are mentioned are related to the adjustment made to the cash balance

Hence, ignored them