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At April 30, Yaddof Company has the following bank information: cash balance per book $4,600; outstanding checks $780; deposits in transit $550; credit memo for interest $100; bank service charge $20. What is Yaddof's adjusted cash balance on April 30?

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cecepham

Answer:

$4,370

Explanation:

As this is the cash balance and  the adjustment is on the same day, so that the transaction would adjust Yaddof Company included only outstanding check and deposit in transit.

In this case, the adjusted cash balance on April 30 of Yaddof Company can be calculated as:

Adjusted Cash Balance = Cash balance - Outstanding check + deposits in transit = 4,600 - 780 + 550 = $4,370

Conclusion: The adjusted cash balance is $4,370

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