In preparing its bank reconciliation for the month of April 2014, Gantner, Inc. has the following information available. What should be the adjusted cash balance at April 30, 2014?
A) $73,740.
B) $72,880.
C) $71,980.
D) $71,940.

Question

In preparing its bank reconciliation for the month of April 2014, Gantner, Inc. has the following information available.  What should be the adjusted cash balance at April 30, 2014?
A) $73,740. 
B) $72,880. 
C) $71,980. 
D) $71,940.

Quizplus · Accepted Answer

Starting cash balance: $70,500
Add deposits in transit: $8,880
Adjusted balance: $79,380
Deduct outstanding checks:
- Check #1023: $3,000
- Check #1028: $2,500
- Check #1032: $300
- Check #1035: $600
- Check #1040: $1,000
Adjusted balance: $71,980
Deduct service charge: $100
Adjusted cash balance: $71,880

In Preparing Its Bank Reconciliation for the Month of April