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A bank statement shows a balance of $8,445 at June 30. The bank reconciliation is prepared and includes outstanding checks of $3,330, deposits in transit of $1,350, and a bank service charge of $30. Among the paid checks returned by the bank was check no. 900 in the amount of $600, which the company had erroneously recorded in the accounting records as $60. The "adjusted cash balance" at June 30 is:

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Answer:

$6465

Explanation:

Adjusted cash balance is the adjusted bank statement balance, which is the cash balance on bank statement, plus the total of the deposits in transit, less the total of the outstanding checks.

Given that:

Bank balance at June 30= $8445,

Outstanding checks = $3,330,

deposits in transit = $1,350,  

bank service charge = $30.

Adjusted cash balance = Cash balance on bank statement + Deposits in transit - Outstanding checks

Therefore, Adjusted cash balance = $8445 + $1350 - $3330 = $6465

Answer:

$6,465

Explanation:

Cash balance adjustment

Bank record

Balance                   8445

Outstanding check (3330)

Deposit in transit     1350

Balance                   6465

Cash balance adjustment   6465

bank charge      30

Returned check 540

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