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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
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 $29,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,750 Outstanding checks 1,458 Additionally, a $56 check correctly written and recorded by the company was recorded by the bank as a $65 deduction. The adjusted cash balance per the bank records should be: Multiple Choice $32,153 $24,662 $32,162
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