Dexter Company's bank reconciliation shows an adjusted cash balance of $5,398.80. The following items also appear...

Dexter Company's bank reconciliation shows an adjusted cash balance of $5,398.80. The following items also appear on the reconciliation:

NSF check	$182.16
Deposit in transit	357.68
Interest earned	61.24
Outstanding checks	525.43
Bank service charges	75.00

Required:

1. Determine the balance on the bank statement prior to adjustment. Round your answer to the nearest cent.

$

2. Determine the balance on the books prior to adjustment. Round your answer to the nearest cent.

Expert Solution

Answers:-

1 - Bank Balance Prior to Adjustments = $5,566.55

2 - Cash Balance Prior to Adjustments = $5,594.72

.

Explanations :-

1 - Bank Balance Prior to Adjustments

Adjusted balance	$5,398.80
Add :-
Outstanding checks	$525.43
Less :-
Deposit in transit	($357.68)

Bank Balance Prior to Adjustments	$5,566.55

.

2 - Cash Balance Prior to Adjustments

Adjusted balance	$5,398.80
Add :-
NSF check	$182.16
Bank Service Charges	$75
Less :-
Interest Earned	($61.24)

Cash Balance Prior to Adjustments	$5,594.72

ekkarill92 answered 2 years ago

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