Question 1
The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:
Item
|
Amount
|
Ending Cash per Bank Statement
|
$1,950
|
Ending Cash per Company Books
|
$2,376
|
Bank Service Charges
|
$26
|
Deposits in Transit
|
$555
|
Outstanding Cheques
|
$355
|
Customer Cheque returned NSF
|
$200
|
What is the adjusted cash balance based on the completed bank reconciliation?