The Following Data Were Gathered to Use in Reconciling the Bank

question 100

Multiple Choice

The following data were gathered to use in reconciling the bank account of Savannah Company: $$\begin{array} { | l | r | } \hline \text { Balance per bank } & \$ 16,750 \\\hline \text { Balance per company records } & 16,125 \\\hline \text { Bank service charges } & 80 \\\hline \text { Deposit in transit } & 2,195 \\\hline \text { NSF check } & 950 \\\hline \text { Outstanding checks } & 3,850 \\\hline\end{array}$$
What is the adjusted balance on the bank reconciliation?

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Definitions:

Investing Activities

Part of the cash flow statement that shows the cash spent on and generated from investments in assets, securities, and acquisitions.

Equipment Acquisition

The process of obtaining physical assets for use in production or operations, often through purchase or lease.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up.