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: 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:

Question

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:  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:

Quizplus · Accepted Answer

The adjusted cash balance per the bank records can be calculated using the following steps:

Starting bank balance: $18,361
Add deposits in transit: None provided
Subtract outstanding checks: $6,415 + $923 = $7,338
Add/deduct bank errors: $92
Adjusted bank balance: $18,361 - $7,338 + $92 = $11,115

Therefore, the adjusted cash balance per the bank records is $11,115. This corresponds to answer choice D.

Ryan Company Deposits All Cash Receipts on the Day They