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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 a $28,861 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,550 Outstanding checks 1,404 Additionally, a $48 check written and recorded by the company was incorrectly recorded by the bank as a $84 deduction. The adjusted cash balance per the bank records should be: Multiple Choice O $33,851 $30,971 $23,943 $31,043 N Multiple Choice $33,851 $30,971 $23,943 $31,043 $31,007

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 a $28,861 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,550 Outstanding checks 1,404 Additionally, a $48 check written and recorded by the company was incorrectly recorded by the bank as a $84 deduction. The adjusted cash balance per the bank records should be: Multiple Choice O $33,851 $30,971 $23,943 $31,043 N Multiple Choice $33,851 $30,971 $23,943 $31,043 $31,007

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 a $28,861 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,550 Outstanding checks 1,404 Additionally, a $48 check written and recorded by the company was incorrectly recorded by the bank as a $84 deduction. The adjusted cash balance per the bank records should be: Multiple Choice O $33,851 $30,971 $23,943 $31,043 N
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 a $28,861 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,550 Outstanding checks 1,404 Additionally, a $48 check written and recorded by the company was incorrectly recorded by the bank as a $84 deduction. The adjusted cash balance per the bank records should be: Multiple Choice O $33,851 $30,971 $23,943 $31,043 N
Multiple Choice $33,851 $30,971 $23,943 $31,043 $31,007
Transcribed Image Text:Multiple Choice $33,851 $30,971 $23,943 $31,043 $31,007
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