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

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 $29,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following:

Deposit in transit 3,750

Outstanding checks 1,458

Additionally, a $56 check correctly written and recorded by the company was recorded by the bank as a $65 deduction.

The adjusted cash balance per the bank records should be:

Multiple Choice

$32,153

$24,662

$32,162

Solutions

Expert Solution

Particulars	Amount
Cash as per bank statement	$29,861
+ Deposit in transit	3,7500
+ Over recorded check ($65 - $56)	9
- Outstanding checks	-1,458
Adjusted cash balance per the bank records	$32,162

Adjusted cash balance per the bank records is = $32,162 is the correct answer.

Adjusted cash balance per the bank records is $32,162

DEEPIKA GOYAL answered 1 year ago

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