The Backus Inc. cash account had a balance of $1,092 on March 31. This included a bank deposit for $172 that was in transit on the 31st. The March 31 bank statement contained the following information:

Bank statement balance	$1,089
NSF Check	$32
Bank Service Charge	$7
Collection of notes receivable	$87

Backus also had checks outstanding of $279.what is backus's reconciled balance?

Answer rating: 100% (QA)

To determine Backus Incs reconciled balance we need to adjust the cash account balance based on the ... View the full answer