The following data are available for Dragon Boat Company for March: $$\begin{array} { | l | r | }
\hline \text { Book balance, March } 31 & \$ 3,620 \
\hline \text { Service charges } & 50 \
\hline \text { Interest revenue } & 35 \
\hline \text { Note collected by bank } & 1,500 \
\hline \text { Cheque returned marked NSF } & 700 \
\hline
\end{array}$$ What is Dragon's adjusted book balance on March 31 from the above data?
A)$4,405
B)$4,200
C)$3,150
D)$3,270

Question

The following data are available for Dragon Boat Company for March: $$\begin{array} { | l | r | } 
\hline \text { Book balance, March } 31 & \$ 3,620 \
\hline \text { Service charges } & 50 \
\hline \text { Interest revenue } & 35 \
\hline \text { Note collected by bank } & 1,500 \
\hline \text { Cheque returned marked NSF } & 700 \
\hline
\end{array}$$ What is Dragon's adjusted book balance on March 31 from the above data?
A)$4,405
B)$4,200
C)$3,150
D)$3,270

Quizplus · Accepted Answer

The adjusted book balance is the book balance plus service charges and interest revenue, and minus the note collected by the bank and the cheque returned marked NSF.Adjusted book balance = $3,620 + $50 + $35 - $1,500 - $700 = $4,405

The Following Data Are Available for Dragon Boat Company for March