Company deposits all cash receipts on the day

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Reference no: EM131599908

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 $18,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following:

Deposit in transit $1,450

Outstanding checks $837

Additionally, a $29 check written and recorded by the company correctly was recorded by the bank as a $92 deduction.

The adjusted cash balance per the bank records should be:

$16,137

$18,911

$19,037

$18,974

$20,711

Reference no: EM131599908

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