Use the following data to answer the question presented below for Raines Corp.s preparation of a bank
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Question:
Use the following data to answer the question presented below for Raines Corp.’s preparation of a bank reconciliation on October 31, 2014:
| Bank statement balance | $30,700 |
| Raines’ book balance (before adjustments) | ? |
| Outstanding checks | 4,200 |
| NSF checks | 400 |
| Service charges | 300 |
| Deposits in transit | 3,100 |
| Interest earned on checking account | 100 |
What is the adjusted cash balance on October 31, 2014?
a. $30,700
b.$29,600
c. $30,100
d. $30,200
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