Question

Easton Co. deposits al cash receipts on the day they are received and makes all cashm ents by check Al the close of business on June 30, its cash account shows a debit balance of 566 709 Easton's June bark statement shows 563 549 on deposit in the bank Determine the adjusted cash balance using the following information 5,7 Deposit in transit Outstanding checks Check printing foe, not yet recorded by company Interest warned on account, not yet recorded by 9,75 The adjusted cash balance should be ο ο ο ο ο

Answer 1

Adjusted bank balance = Deposits in bank + deposit in transit - outstanding checks = 63549+5750-2575 = 66,724