Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 43 - No. 18)
If the ending cash balance per the bank statement is $5,000, outstanding checks total $500, and deposits in transit are $300, what is the adjusted cash balance?
$4,800
$5,200
$5,800
$5,300
Explanation
Adjusted Cash Balance = Bank Balance - Outstanding Checks + Deposits in Transit = $5,000 - $500 + $300 = $4,800
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