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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 $25,861 on deposit in the bank. ryan's comparison of the bank statement to its cash account revealed the following: deposit in transit 2,950 outstanding checks 1,242 additionally, a $37 check written and recorded by the company correctly, was recorded by the bank as a $73 deduction. the adjusted cash balance per the bank records should be:

Sagot :

The adjusted cash balance per the bank records should be 27,569.

The deposit in transit will be added to the bank balance on the statement while the unpaid check will be subtracted in order to determine the adjusted cash balance in the bank record. The cash book side of the reconciliation must be fixed if there was a bank error.

What is adjusted cash balance?

If all of the transactions you've entered in AppFolio are correct, the Adjusted Cash Balance is the amount of money you should have in your bank account. The prior balance from the end of your previous billing cycle is used in the adjusted balance method of computing your finance charge, which then deducts any payments and credits made during the current billing cycle.

Adjusted in Cash balance per the bank record

bank balance                                                       $25,861

Deposit intransit                                                      2,950

                                                                                28,811

Outstanding check                                                  (1242)

Adjusted cash balance                                       27,569

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