The Following Data Were Gathered to Use in Reconciling the Bank

question 55

Short Answer

The following data were gathered to use in reconciling the bank account of Savannah Company:
What is the adjusted balance on the bank reconcilition?

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Definitions:

Cash Investment

Cash investment refers to funds invested into a business or market with the expectation of generating a financial return.

Accounting Equation

Represents the fundamental relationship in accounting: Assets = Liabilities + Equity, ensuring a balance in a company's financial statements.

Owner's Equity

The residual interest in the assets of the entity after subtracting liabilities, essentially representing the owner's claim against the company's assets.

Initial Investment

The initial amount of money put into a project or venture at its inception.