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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 $27,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following
Deposit in transit 3,350
Outstanding checks 1,350

Sagot :

Parrain

Answer: $29,861

Explanation:

In order to adjust the bank statement balance to the books, the following is done:

= Bank statement + Deposit in transit - Outstanding checks

= 27,861 + 3,350 - 1,350

= $29,861

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