By how much the adjusted balance shown on the balance sheet


Problem

AB Ltd. had $3,413 in outstanding cheques at the end of July and half of that amount in deposits in transit. Bank service charges are $145 for July and there are no other reconciling items in the July bank reconciliation.

Task

a) By how much the adjusted balance shown on the balance sheet is higher or lower than the trial balance?

b) What is the total credits on the cash account because of the Adjusting Journal entries based on the above information?

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Accounting Basics: By how much the adjusted balance shown on the balance sheet
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