Answered

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 $67,209. Easton's June bank statement shows $63,949 on deposit in the bank. Determine the adjusted cash balance using the following information:
Deposit in transit $ 6,050
Outstanding checks $ 2,675
Check printing fee, not yet recorded by company $ 30
Interest earned on account, not yet recorded by the company $ 45
The adjusted cash balance should be:_______

Answer :

ayokenny2001

Answer:

See below

Explanation:

Given the above information, the adjusted cash balance should be;

Cash book balance

$67,209

Add:

Interest earned

$45

Less;

Bank fees

($30)

Adjusted cash book

$67,224

Bank balance

$63,949

Add:

Deposit in transit

$6,050

Less:

Outstanding checks

($2,675)

Adjusted bank balance

$67,324

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