BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In preparing its August 31, 2020 bank reconciliation, Oakley Corp. has available the following information:Balance per bank statement, 8/31/20 €65, 490Deposit in transit, 8/31/20 10, 170Return of customer’s check not sufficient funds, 8/30/16 1, 800Outstanding checks, 8/31/20 5, 820Bank service charges for August 350At August 31, 2020, Oakley’s adjusted cash balance is
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RM59, 670.
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RM59, 320.
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RM69, 840.
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RM61, 140.
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Explanation:
Detailed explanation-1: -A bank reconciliation statement is a document prepared by a company that shows its recorded bank account balance matches the balance the bank lists. This statement includes all transactions, such as deposits and withdrawals, from a given timeframe.
Detailed explanation-2: -Deposits in transit would be added to the balance per bank statement in a bank reconciliation. Deposits in transit refer to the cash and checks that are received by the company but are not yet deposited in the bank as of the ending date of the bank statement.
Detailed explanation-3: -The bank reconciliation statement is prepared by the business enterprises.
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