Easton Co. deposits all cash receipts on the day they are received and makes all

Question

Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $65,709 Easton's June bank statement shows $62749 on deposit in the bank Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the company $5,450 2,475 $ 26 The adjusted cash balance should be Muhtiple Choice O $65.683 B NM

Explanation / Answer

Correct answer is 65724

Bank reconciliation Bank balance 62749 Add Deposit in transit 5450 68199 Less Outstanding checks 2475 Adjusted bank balance 65724 Cash balance 65709 Add Interest earned 41 41 Less Priniting fees 26 26 Adjusted cash balance 65724

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