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 $28,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,550 Outstanding checks 1,404 Additionally, a $48 check correctly written and recorded by the company was recorded by the bank as a $84 deduction. The adjusted cash balance per the bank records should be:

$31,043

Explanation:

The computation of adjusted cash balance is shown below:-

Adjusted cash balance = Balance as per bank statement + Deposits in transit + Check wrongly recorded - Outstanding checks

= $28,861 + $3,550 + ($84 - $48) - $1,404

= $32,447 - $1,404

= $31,043

Therefore for computing the adjusted cash balance we simply applied the above formula.

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