Ch 8 Quiz Help Save& Enit Sub 7 Clayborn Company deposits all cash receipts on t

Question

Ch 8 Quiz Help Save& Enit Sub 7 Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check At the close of business on May 31, its Cash May bank statement shows $19.400 on deposit in the bank. Determine the adjusted cash balance using the following information account shows a debit balance of $21525 Clayboms Deposit in transit Outstanding check Bank service fees, not yet A NSF check from a customer, not yet recorded by the company $6,550 $5,588 $ 78 $1,005 points recorded by company The adjusted cash balance should be Multple Choice 520.450 513.900 575,950 70 475

Explanation / Answer

Calculation of adjusted cash balance Cash balance as per bank            19,400.00 Add:Deposit in transit               6,550.00 Less: Outstanding checks               5,500.00 Adjusted cash balance (19400+6550-5500)            20,450.00 So correct answer is $20450

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