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What would be the impact of adjustments have on cash

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Reference no: EM132727584

The information below relates to the Cash account in the ledger of Minton Company.

Balance September 1 - $17,150, Cash deposited - $64,000 during month of September.

Balance September 30 - $17,404; Cheques written - $63,746 during month of September.

The September bank statement shows a balance of $16,422 on September 30 and the following memoranda.

Credits:

Collection of $2,500 note plus interest $30;

Interest earned on cheque account $45;

Debits:

NSF cheque: Richard Nance $425;

Safety deposit box rent $65.

At September 30, deposits in transit were $5,450 and outstanding cheques totalled $2,383.

Required

Problem (1) Prepare the bank reconciliation as at September 30.

Problem (2) Suppose deposits in transit changed to $5,000 and the NSF cheque changed to $875. What would be the impact of these adjustments have on the cash balance as per the bank and books?

Reference no: EM132727584

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