Question: 72 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 $28,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit = $3,450 Outstanding checks = $1,377 Additionally, a $47 check written and recorded by the company correctly was recorded by the bank as a $74 deduction. What should be the adjusted cash balance per the bank records?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question: 72
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 $28,361 on deposit in the bank. Ryan's comparison of the bank
statement to its cash account revealed the following:
Deposit in transit = $3,450
Outstanding checks = $1,377
Additionally, a $47 check written and recorded by the company
correctly was recorded by the bank as a $74 deduction. What should be
the adjusted cash balance per the bank records?
Transcribed Image Text:Question: 72 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 $28,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit = $3,450 Outstanding checks = $1,377 Additionally, a $47 check written and recorded by the company correctly was recorded by the bank as a $74 deduction. What should be the adjusted cash balance per the bank records?
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