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Homework answers / question archive / Frank White operates a roller skating center
Frank White operates a roller skating center. He has just received the monthly bank statement at November 30 from Citizen National Bank, and the statement shows an ending balance of $570. Listed on the statement are an EFT rent collection of $335, a service charge of $8, two NSF checks totaling $120, and a $10 charge for printed checks. In reviewing his cash records, White identifies outstanding checks totaling $601 and a November 30 deposit in transit of $1,765. During November, he recorded a $270 check for the salary of a part-time employee as $27. White’s Cash account shows a November 30 cash balance of $1,780. How much cash does White actually have at November 30?
Frank WhiteBank ReconciliationNovember 30Balance as per Bank$ 570Balance as per cash book$ 1,780Add: Deposit in transit 1,765Add: Rent collection(EFT) 335$ 2,335$ 2,115Less: Outstanding Checks (601)Less: NSF checks 120service charge 8Printed check charge 10Error in salary check(270-27) 243 (381)Adjusted Balance 1,734Adjusted Balance$ 1,734
