At June 30, Mareska Company has the following bank information: cash balance per bank $3,600; outstanding checks $280; deposits in transit $550; credit memo for interest $10; bank service charge $20. What is Mareska's adjusted cash balance on June 30?
A) $3,860
B) $3,880
C) $3,330
D) $3,870

Question

Quizplus · Accepted Answer

Starting cash balance per bank: $3,600
Subtract outstanding checks: -$280
Add deposits in transit: +$550
Add credit memo for interest: +$10
Subtract bank service charge: -$20
Adjusted cash balance on June 30: $3,860

At June 30, Mareska Company Has the Following Bank Information