The Calder Company received a bank statement showing a balance of $60,300. Reconciling items included outstanding cheques of $1,450 and a deposit in transit of $8,500. What is the company's adjusted bank balance?
A)$60,300
B)$58,850
C)$68,800
D)$67,350

Question

Quizplus · Accepted Answer

The adjusted bank balance is calculated by adding the deposit in transit ($8,500) to the bank statement balance ($60,300) and subtracting the outstanding cheques ($1,450), resulting in $67,350.

The Calder Company Received a Bank Statement Showing a Balance