Business, 01.06.2021 02:30 iwannasleep

Rachel Sells is unable to reconcile the bank balance at January 31. Rachel’s reconciliation is shown here. Cash balance per bank $3,767.20
Add: NSF check 590.00
Less: Bank service charge 45.00
Adjusted balance per bank $4,312.20
Cash balance per books $4,065.20
Less: Deposits in transit 573.00
Add: Outstanding checks 910.00
Adjusted balance per books $4,402.20

Required:
a. What is the proper adjusted cash balance per bank?
b. What is the proper adjusted cash balance per books?
c. Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books.

Answers: 1

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Rachel Sells is unable to reconcile the bank balance at January 31. Rachel’s reconciliation is shown...