The following items were identified:
Porsche's book balance: $46,200
Outstanding checks: $1,100
Interests earned on checking account: $50
Customer's NSF check returned by the bank: $500
In addition, Porsche made an error in recording a customer's check; the amount was recorded in cash receipts as $150; the bank recorded the amount correctly as $510. What amount will Porsche report as its adjusted cash balance at April 30, 2000?
A. $44,650
B. $45,890
C. $46,110
D. $46,250
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From making a bank reconciliation form for this. I was able to get far enough to the data where interested is earned. Which comes out to $45,150. However I do not know whether to add or deduct the customers NSF check thats returned by the bank ( $500). From then where do I go? Am i adding the receipts and deducting the $510? please help.
Porsche's book balance: $46,200
Outstanding checks: $1,100
Interests earned on checking account: $50
Customer's NSF check returned by the bank: $500
In addition, Porsche made an error in recording a customer's check; the amount was recorded in cash receipts as $150; the bank recorded the amount correctly as $510. What amount will Porsche report as its adjusted cash balance at April 30, 2000?
A. $44,650
B. $45,890
C. $46,110
D. $46,250
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
From making a bank reconciliation form for this. I was able to get far enough to the data where interested is earned. Which comes out to $45,150. However I do not know whether to add or deduct the customers NSF check thats returned by the bank ( $500). From then where do I go? Am i adding the receipts and deducting the $510? please help.