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.

Answer 1

To solve:
Adjusted cash balance = (Cash balance + deposits in transit) - outstanding checks
Cash balance = $7,291
Deposits in transit = $1,350
Outstanding checks = $762

Adjusted cash balance = ($7,291 + $1,350) - $762
Adjusted cash balance = $8,641 - $762
Adjusted cash balance = $7,879

Answer 2

The adjusted cash balance per bank at july 31  $7,879.

Using this formula

Adjusted cash balance per bank =Cash balance per bank statement + Deposits in transit-Outstanding checks

Where:

Cash balance per bank statement=$7,291

Deposits in transit=$1,350  

Outstanding checks=$762

Let plug in the formula

Adjusted cash balance per bank =$7,291+$1,350-$762

Adjusted cash balance per bank=$7,879

Inconclusion the adjusted cash balance per bank at july 31  $7,879.

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