Taylor Corp.identified the following data in preparing a bank reconciliation on October 31,2017. ??
$$\begin{array} { l r }
\text { Bank statement balance } & \$ 29,600 \
\text { Taylor's book balance (before adjustments) } & ? \
\text { Outstanding checks } & 3,100 \
\text { NSF check } & 300 \
\text { Serwice charge } & 200 \
\text { Deposits in transit } & 2,200 \
\text { Interest earned on checking account } & 100
\end{array}$$ How much is Taylor's adjusted cash balance on October 31,2017?
A)$28,700
B)$29,100
C)$28,300
D)$29,600

Question

Taylor Corp.identified the following data in preparing a bank reconciliation on October 31,2017. ??
$$\begin{array} { l r } 
\text { Bank statement balance } & \$ 29,600 \
\text { Taylor's book balance (before adjustments) } & ? \
\text { Outstanding checks } & 3,100 \
\text { NSF check } & 300 \
\text { Serwice charge } & 200 \
\text { Deposits in transit } & 2,200 \
\text { Interest earned on checking account } & 100
\end{array}$$ How much is Taylor's adjusted cash balance on October 31,2017?
A)$28,700
B)$29,100
C)$28,300
D)$29,600

Quizplus · Accepted Answer

Taylor's adjusted cash balance is $28,700. This is calculated by adding the outstanding checks, NSF check, and service charge to the bank statement balance, and then subtracting the deposits in transit and interest earned on the checking account.

Taylor Corp How Much Is Taylor's Adjusted Cash Balance on October 31,2017