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Question - You are working for a company that asked you to check the bank statement balance and details against the company's general ledger. You gather all these details:
Outstanding cheques at January 31st are $4,500
A deposit of $3025 made on January 30th is in transit and had not cleared the bank by January 31st.
An automatic payment for $4,500 was erroneously charged by the bank against your account while it belongs to another bank customer (bank error).
The bank statement for January shows a balance of $22,250 at January 31st.
The company operates with one bank that offers a regular chequing account and a business line of credit at 8% per year.
Required -
1: After preparing the bank reconciliation what is the adjusted Bank Statement balance at month end to reflect this information?
2: After preparing the bank reconciliation what is the correct adjusted Cash balance in the company's books to reflect this information?
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