Question

Ryan Company deposits all cash receipts on the day they are received and makes all cash...

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

Homework Answers

Answer #1
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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