Answered

The Roscoe Company's March 31, 2016 bank statement balance was $70,000. As of March 31, 2016, outstanding on checks total $22,000 and deposits in transit total $15,000. How much was Roscoe's March 31, 2016 cash balance Roscoe's books (checking account in General Ledger)?
A. $77,000.
B. $70,000.
C. $63,000.
D. $107,000.

Answer :

jepessoa

Answer:

The answer is: $63,000

Explanation:

Roscoe's cash balance has to be adjusted to include the deposits in transit and deduct the outstanding checks. We start with the bank statement and add deposits in transit and deduct outstanding checks:

adjusted cash balance = $70,000 + $15,000 - $22,000 = $63,000

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