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Ryan Inc. deposits all cash receipts on the day they are received and makes all ...
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Ryan Inc. deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $24,861 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following:
| Deposit in transit | 2,750 |
|---|---|
| Outstanding checks | 1,188 |
Additionally, a $35 check written and recorded by the company was incorrectly recorded by the bank as a $53 deduction.
The adjusted cash balance per the bank records should be:
0%
0%
100%
0%
0%