Reference no: EM132804158
As of 12/31 the cash balance in Ellery, Inc.'s books is $75,000. The bank statement, however, showed a balance of $100,000 as of the same date. The only reconciling items were deposits in transit of $15,000, interest earned of $225, a bank service charge of $115 and outstanding checks.
Problem 1: In determining the Adjusted Book Balance, the following adjustment is made in regards to interest earned:
Option 1: $225 is added to the balance of Ellery, Inc.'s 12/31 cash balance on its bank statement.
Option 2: $225 is subtracted from the balance of Ellery, Inc.'s 12/31 cash balance on its books.
Option 3: $225 is subtracted from the balance of Ellery, Inc.'s 12/31 cash balance on its bank statement.
Option 4: $225 is added to the balance of Ellery, Inc.'s 12/31 cash balance on its books.
Option 5: No adjustment is required.
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