Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Hope Foundation, an NGO, is reconciling its bank statement for the month of September. The organization's bank account in its records indicates a balance

The "Hope Foundation," an NGO, is reconciling its bank statement for the month of September.
The organization's bank account in its records indicates a balance of NOK 851
While the bank statement shows a balance of NOK 2.180
During the reconciliation process, they discover the following:
Outstanding cheques / Chaeques not processed by bank total NOK 840.
A donation from donor of NOK 1,200 was received but has not yet been recorded in the organization's books.
Bank service charges of NOK 30.
An interest income of NOK 19 was earned on the account.
A grant payment of NOK 500 was deposited by the bank, but the organization has not recorded it.
What will be the adjusted balance of bank account according to the bank reconciliation for the "Hope Foundation"?
(a) NOK 1.670
(b) NOK 1.790
(c) NOK 1.340
(d) NOK 1.840

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Principles and Applications

Authors: Sheridan Titman, Arthur Keown, John Martin

12th edition

133423824, 978-0133423822

More Books

Students also viewed these Finance questions