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What would be the adjusted cash balance at the end of May

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Problem - Apples & Bananas Inc. is in the process of reconciling its bank account for the month of May. The following information is available:

Balance per bank statement $12,488

Balance per book 10,894

Outstanding checks 3,600

Deposits in transit 1,623

EFT payment to vendor 525

Customer's note receivable collected by the bank 360

Collection fee (5%) charged by bank 18

Required - What would be the adjusted cash balance at the end of May?

Reference no: EM132896311

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