Answer Happy

7) 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 a $27,361 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit3, 250 Outstanding checks1,323 Additionally, a $45 check written and recorded by the company was incorrectly recorded by the bank as a $54 deduction. The adjusted cash balance per the bank records should be: A) $29,288 B) $29,279 C) $31,943 D) $29,297 E) $22,797