Great Southeast Company's Cash account shows an ending balance of $ 720. The bank statement shows a $ 26 service charge and an NSF check for $ 140. A $ 200 deposit is in transit, and outstanding checks total $ 420. What is Great Southeast 's adjusted cash balance?

A) $455

B) $580

C) $675

D) $925

Question

Lilyana

Business

11 May, 21:18

Great Southeast Company's Cash account shows an ending balance of $ 720. The bank statement shows a $ 26 service charge and an NSF check for $ 140. A $ 200 deposit is in transit, and outstanding checks total $ 420. What is Great Southeast 's adjusted cash balance?

A) $455

B) $580

C) $675

D) $925

+2

Answers (1)

Know the Answer?

Alyson Fitzgerald · Answer 1

Adjusted cash will be $554

Which is not given in the bellow option

Explanation:

We have given ending balance = $720

Service charge = $26

NSF check for $140

And $200 deposit in transit

And a outstanding checks total of $420

We have to find the adjusted cash balance

Adjusted cash balance = Cash ending balance - NSF Checks - Service charge = $720 - $26 - $140 = $554 (as outstanding checks and deposit in transit is not considered in adjusted cash)

After calculation we get $554 which is not given in the bellow option

Great Southeast Company's Cash account shows an ending balance of $ 720. The bank statement shows a $ 26 service charge and an NSF check for $ 140. A $ 200 deposit is in transit, and outstanding checks total $ 420. What is Great Southeast 's adjusted cash balance?A) $455B) $580C) $675D) $925