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Annapolis Company's bank statement indicated an ending cash balance of $9,340. Alpha's accountant discovered that outstanding checks amounted to $865 and deposits in transit were $840. Additionally, the bank statement showed service charges of $25. What is the correct adjusted ending cash balance

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Answer:

The correct answer is $9,315

Step-by-step explanation:

Solution

Given that:

The ending cash balance = $9340

Checks outstanding amounted to = $865

The deposit in transit = $840

Bank statement service charges = $25

Now,

We will find the correct adjusted ending cash balance which is given below:

Correct adjusted ending cash balance = Unadjusted Balance - Outstanding Check + Deposit in transit

= $9,340 - $865 + $840

=$8,475 + $840

=$9,315

Hence,

The correct adjusted ending cash balance is $9,315

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