Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30.? Cash balance per books, September 30 $ 2 , 750 Deposits in transit 200 Notes receivable and interest collected by bank 630 Bank charge for check printing 50 Outstanding checks 1 , 250 NSF check 290 \begin{array} { | l | r | } \hline ext { Cash balance per books, September } 30 & \$ 2,750 \\hline ext { Deposits in transit } & 200 \\hline ext { Notes receivable and interest collected by bank } & 630 \\hline ext { Bank charge for check printing } & 50 \\hline ext { Outstanding checks } & 1,250 \\hline ext { NSF check } & 290 \\hline\end{array} Cash balance per books, September 30 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check $2 , 750 200 630 50 1 , 250 290 A) $5,130B) $3,690C) $3,040D) $1,590

Question

Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30.?    Cash balance per books, September  30 $ 2 , 750  Deposits in transit  200  Notes receivable and interest collected by bank  630  Bank charge for check printing  50  Outstanding checks  1 , 250  NSF check  290 \begin{array} { | l | r | } \hline 	ext { Cash balance per books, September } 30  &  \$ 2,750 \\hline 	ext { Deposits in transit }  &  200 \\hline 	ext { Notes receivable and interest collected by bank }  &  630 \\hline 	ext { Bank charge for check printing }  &  50 \\hline 	ext { Outstanding checks }  &  1,250 \\hline 	ext { NSF check }  &  290 \\hline\end{array}  Cash balance per books, September  30  Deposits in transit   Notes receivable and interest collected by bank   Bank charge for check printing   Outstanding checks   NSF check  ​ $2 , 750 200 630 50 1 , 250 290 ​ ​ A)  $5,130B)  $3,690C)  $3,040D)  $1,590

Michael Maresco · Accepted Answer

Final Answer : C, Explanation :  The adjusted cash balance per books is calculated by starting with the cash balance per books and then adjusting it for items that affect the book balance. Add the notes receivable and interest collected by the bank ($630) because this increases the book balance. Subtract the bank charge for check printing ($50) and the NSF check ($290) because these decrease the book balance. Deposits in transit and outstanding checks affect the bank balance, not the book balance, so they are not included in this calculation. Therefore, the adjusted cash balance per books is $2,750 + $630 - $50 - $290 = $3,040.

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