Determine the Adjusted Cash Balance Per Bank for Sam's Packaging

question 14

Multiple Choice

Determine the adjusted cash balance per bank for Sam's Packaging on November 30,from the following information:
$$\begin{array} { | l | r | } \hline \text { Cash balance on the bank statement } & \$ 3,350 \\\hline \text { Customer's check returned-NSF } & 500 \\\hline \text { Customer's note collected by the bank } & 600 \\\hline \text { Deposits in transit, November 30 } & 1,400 \\\hline \text { Outstanding checks, November 30 } & 3,650 \\\hline\end{array}$$

• A)$1,250
• B)$1,100
• C)$1,550
• D)$1,350

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Definitions:

Chapter 7 Proceeding

A type of bankruptcy process in the United States that involves the liquidation of a debtor's assets to pay off creditors.

Trustee

An individual or organization appointed to manage and hold responsibility for managing the assets or property of another, often in a trust arrangement.

Voluntary Petition

A legal document filed by an individual or business entity to declare bankruptcy of their own accord.

Creditor's Claim

A demand for payment submitted by a creditor to a debtor, often as part of a bankruptcy proceeding or estate settlement.