Question

In preparing its bank reconciliation for the month of April 2018, Coronado, Inc. has available the following information. Balance per bank statement, 4/30/18 $78800 NSF check returned with 4/30/18 bank statement 950 Deposits in transit, 4/30/18 9300 Outstanding checks, 4/30/18 10300 Bank service charges for April 40 What should be the adjusted cash balance at April 30, 2018

Answer 1

Answer:

the adjusted cash balance as on April 30,2018 is $77,800

Explanation:

The computation of the adjusted cash balance as on April 30,2018 is as follows;

= Balance as per bank statement + deposit in transit - outstanding checks

= $78,800 + $9,300 - $10,300

= $77,800

Hence, the  adjusted cash balance as on April 30,2018 is $77,800

We simply applied the above formula so that the accurate value could arrive

Answer 2

The correct cash balance as at April 30, 2018, for Coronado, Inc. is $76,810.

What is bank reconciliation?

Bank reconciliation is an accounting process for summarizing bank transactions and reconciling the bank statement with the internal records.

Data and Calculations:

Balance per bank statement, 4/30/14 $78,800

NSF check returned with 4/30/14 bank statement 950

Deposits in transit, 4/30/14 9,300

Outstanding checks, 4/30/14 10,300

Bank service charges 40

Bank Reconciliation Statement:

Balance per bank statement, 4/30/14  $78,800

Deposits in transit, 4/30/14                        9,300

Outstanding checks, 4/30/14                 (10,300)

Balance as per cash book                    $77,800

Cash Book Adjustment:

Balance as per cash book                  $77,800

Less: NSF check returned                         950

         Bank service charges                        40

Adjusted cash book balance             $76,810

Thus, the correct cash balance as at April 30, 2018, for Coronado, Inc. is $76,810.

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