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31 October, 21:01

Malik Corp.'s bank statement has an ending balance of $50,000. The deposits in transit were $6,000. NSF checks were $1,000. Checks outstanding at the end of the month were $3,000. Using the bank statement, what is the corrected cash balance?

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  1. 31 October, 21:21
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    Corrected cash balance =

    Ending balance = $50,000

    Deposit in transit = + $6,000

    NSF Checks = - $1,000

    Outstanding checks = - $3,000

    Corrected cash balance = $52,000

    Explanation:

    To make Adjustments to the cash balance, follow these steps;

    Ending Balance from Bank statement Add Deposits in Transit Deduct NSF checks Deduct Outstanding checks
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