Multiple Choice
The bank statement reported an ending balance of $14,620 after deducting $220 in service charges and an addition of $4,500 for a note collected by the bank on the company's behalf. The company books reported an ending balance of $9,690, and determined that deposits in transit equal $5,600 and outstanding checks equal $6,250.
What is the adjusted cash balance?
A) $13,970
B) $ 5,600
C) $11,970
D) $ 7,040
Correct Answer:
Verified
Correct Answer:
Verified
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