Brief Exercise 7-21 Bank reconciliation [Appendix 7A] Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $49,482. Shan determined that as of May 31 it had cash receipts of $4,400 that were not yet deposited and checks outstanding of $9,124. Calculate Shans correct May 31, 2018, cash balance.

Balance per bank statement
Add:
Deduct:
Corrected cash balance