Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $22,025. Clayborn's May bank statement shows $19,800 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 6,700 Outstanding checks $ 5,600 Bank service fees, not yet recorded by company $ 75 A NSF check from a customer, not yet recorded by the company $ 1,050 The adjusted cash balance should be: Multiple Choice $20,925 $14,200 $20,900 $21,950 $26,500

Sagot :

abiolataiwo2015

Answer:

$20,900

Explanation:

Calculation for what The adjusted cash balance should be:

Using this formula

Adjusted cash balance= Bank balance + deposits in transit - outstanding check

Let plug in the formula

Adjusted cash balance = $19,800 + $ 6,700 - $ 5,600

Adjusted cash balance= $20,900

Therefore The adjusted cash balance should be:$20,900

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.