Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement show $28,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks 3,450 1,377 Additionally, a $47 check written and recorded by the company correctly, was recorded by the bank as a $74 deduction. The adjusted cash balance per the bank records should be:

Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement show $28,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks 3,450 1,377 Additionally, a $47 check written and recorded by the company correctly, was recorded by the bank as a $74 deduction. The adjusted cash balance per the bank records should be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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