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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 $26,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit $3,050 Outstanding checks $ 1,269 Additionally, a $38 check written and recorded by the company correctly was recorded by the bank as a $83 deduction. The adjusted cash balance per the bank records should be: a. $28,142 b. $28,097 c. $30,725 d. $28,187 e. $22,087

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 $26,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit $3,050 Outstanding checks $ 1,269 Additionally, a $38 check written and recorded by the company correctly was recorded by the bank as a $83 deduction. The adjusted cash balance per the bank records should be: a. $28,142 b. $28,097 c. $30,725 d. $28,187 e. $22,087

FINANCIAL ACCOUNTING
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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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 $26,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit $3,050 Outstanding checks $ 1,269 Additionally, a $38 check written and recorded by the company correctly was recorded by the bank as a $83 deduction. The adjusted cash balance per the bank records should be: a. $28,142 b. $28,097 c. $30,725 d. $28,187 e. $22,087
Transcribed Image Text: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 $26,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit $3,050 Outstanding checks $ 1,269 Additionally, a $38 check written and recorded by the company correctly was recorded by the bank as a $83 deduction. The adjusted cash balance per the bank records should be: a. $28,142 b. $28,097 c. $30,725 d. $28,187 e. $22,087
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