Ryan Company deposits all cash receipts on the day they are
received and makes all cash payments by check. Ryan's June bank
statement shows $29,361 on deposit in the bank. Ryan's comparison
of the bank statement to its cash account revealed the following:
Deposit in transit 3,650 Outstanding checks 1,431 Additionally, a
$49 check correctly written and recorded by the bank as a $94
deduction.
The adjusted cash balance per the bank records should be:
Multiple Choice
$24,325
$34,487
$31,580
$31,625
$31,535
Balance as per bank book | 29,361 |
Add: Deposit in transit | 3,650 |
Less: Outstanding check | (1,431) |
Add: Wrong entry | 45 |
Adjusted Cash balance as per bank statement | 31,625 |
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