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On December 31, Peterson Company's bank statement had a balance of $34,960. Analysis of the bank statement and comparison of the statement and records indicated
On December 31, Peterson Company's bank statement had a balance of $34,960. Analysis of the bank statement and comparison of the statement and records indicated the following: Deposits in transit at the end of December $ -280 Outstanding checks at the end of December 3,680 Bank service charge 30 Customer's returned check, NSF 1,540 Bank collection of note on our behalf 6,460 Interest received on note 150 In reviewing the records, Peterson Company also discovered the following error: A check for $570 in legal expense was incorrectly recorded on the books as $750. Required: Compute the adjusted balance of Cash per bank statement. Adjusted balance of Cash: X 5
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