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The bank statement for Yarley Company at the end of August showed a balance of $12,862. Checks outstanding totaled $3,937, and deposits in transit were
The bank statement for Yarley Company at the end of August showed a balance of $12,862. Checks outstanding totaled $3,937, and deposits in transit were $5,990. If these amounts are the only pertinent data available to you, what was the adjusted balance of cash at the end of August? Exercise 3. The following is a bank reconciliation for Brian company as of August 31. Balance per bank statement, August 31 $ 7,470 Add: Deposit in transit 5,676 $13,146 Less: Outstanding checks 6,024 Adjusted balance, August 31 $ 7,122 Balance per ledger, August 31 $ 7,248 Add: Error correction* 54 $ 7,302 Less: NSF check $150 Service and collection charges 30 180 Adjusted balance, August 31 $ 7,122 Prepare the journal entry or entries needed to adjust or correct the Cash account
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