Question
Brief Exercise 4-30 Bank Reconciliation Garrison Corporation was closing its books on May 31, 2020. Garrison's accountant prepared a bank reconciliation as of May 31,
Brief Exercise 4-30 Bank Reconciliation
Garrison Corporation was closing its books on May 31, 2020. Garrison's accountant prepared a bank reconciliation as of May 31, 2020, and has found the following possible reconciling items between its book balance and its cash balance per the bank:
Garrison's book balance | $80,760 |
Outstanding checks | 660 |
Customers NSF check returned by the bank | 190 |
Interest earned on checking account | 80 |
In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customers check: the amount was recorded in cash receipts as $290; the bank recorded the amount correctly as $920.
Required:
What amount will Garrison report as its adjusted cash balance at May 31, 2020?
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