The bank statement for Raid, Inc. on 3/31/2012 shows a balance per bank of: 15,907.60
On this date, the balance of cash per books is: 11,584.45
Raid had written checks not recorded on bank statement: 5,904.00
Raid wrote check no. 443 for $1,226.00 and the bank correctly
paid that amount. However, Raid recorded this check as $1,262.00
in its journal and ledger.
A deposit made by Raid on 3/31 was not on the bank statement. 2, 201.40
The bank collected a note receivable on Raid\’s behalf. The amount
of the note was $1,000. The bank also collected $50 in interest for
Raid. The bank charged a fee of $15 for this service.
Raid had not previously recorded this transaction.
When Raid received its bank statement, it discovered that one of its
customers, Scott Inc., did not have sufficient funds in its account to
cover the $425.45 check that it had previously written to Raid. Raid
believes that this amount will ultimately be collectible. 425.45
The bank recorded a service charge for use of the account. 30.00
The bank paid Raid interest, not previously recorded. 5.00
What is the adjusted cash balance on the company\’s records?
Click here for the SOLUTION