facts:

At March 31, 2020, Rustic Company's records show the following information.

Unadjusted Cash balance per bank records: $22,912

Unadjusted Cash balance per book records: $28,530

Deposits in transit (Outstanding deposits): $17,000

Checks in transit (Outstanding checks): $11,752

Rustic Company's March 2020 bank statement contains the following information:

Safety Deposit Box Fee: $25

Bank Service Charge: $30

Interest Earned: $45

In reviewing Rustic Company's information, you discover that Rustic Company incorrectly recorded Check #1031 in its cash payments journal (a log of outgoing checks). Although Rustic Company correctly prepared check $1031 as $400, the company incorrectly recorded the $400 check as $40 in its cash payments journal.

Initial Comments

Use the information presented above to answer the following questions. Post your initial comments by 11:59 P.M. on Monday, April 20. You will not be able to view your classmates' postings until you post your initial comments.

1. What is the adjusted cash balance per book records? Show your calculation.

2. What is the adjusted cash balance per bank records? Show your calculation.