Mojo Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records:

Bank reconciliation.
Mojo Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records:

MARCH 31 BANK RECONCILIATION

 

Balance per bank	$26,746
Add: Deposits in transit	2,100

 

Deduct: Outstanding checks

(3,800)

 

Balance per books

$25,046

 

 

Month of April Results

 

Per Bank

Per Books

 

Balance April 30		$27,995	$27,355
April deposits		11,784	13,889
April checks		11,100	10,080

 

April note collected (not included in April deposits)		3,000	-0-
April bank service charge		35	-0-
April NSF check of a customer returned by the bank

 

(recorded by bank as a charge)

900

-0-

Instructions

(a)	Calculate the amount of the April 30:

 

	1.	Deposits in transit Solution Deposits in transit =? Deposits in transit = $13,889 –[$11,784-$2,100] Deposits in transit = $4,205
	2.	Outstanding checks Solution Outstanding checks =? Outstanding checks = $10,080-[$11,100-$3,800] Outstanding checks = $2,780

 

(b)	What is the April 30 adjusted cash balance? Show all work. Solution Balance per bank at April 30 $27,995 Add: Deposits in transit 4,205   Deduct: Outstanding checks   (2,780)   Adjusted cash balance at April 30 $29,420

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