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The August 31 bank statement of Kelvin Inc
The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at this amount was a customer's NSF check for P2.400 that had been returned. Kelvin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17.200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)?ed a balance of P113,000. Deducted in arriving at this amount was a customer’s NSF check for P2,400 that had been returned. Kelvin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17,200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)?
Expert Solution
Adjuted Balance will be = 113000 + 17200 - 10800 = 119400
So adjusted cash balance also be same
We need find cash balance before adjustment from this balance
So Cash Balance will be 119400 + 2400 = 121800
Answer is 121800
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