The bank statement for Flying W Co. indicates a balance…
The bank statement for Flying W Co. indicates a balance of $1,586 on June 30. The cash balance per books had a balance of $1,867 on this date. The following information pertains to the bank transactions for the company. Check #8672 was written by Flying W on June 15th for $340. Wolverine cashed the check on June 29th and it was recorded by Flying W’s bank on June 30th. Electronic funds transfer collection totaled $100. An NSF check for $125 from a customer was returned with the statement. The bank charged Flying W a $50 service fee for June. Check #8674 was written by Flying W on June 28th for $189. Spartan cash the check on June 29th and it was recorded by Flying W’s bank on July 2nd. Flying W wrote check number #8673 on June 21st for $325. Check #8673 cleared the bank on June 29th and was recorded by the bank for the correct amount of $235. Flying W deposited $485 on June 30th in the night drop. The bank did not process the deposit until they opened the next morning on July 1st. What is the adjusted balance per the books for Flying W Co?
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