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Multiple Choice $27,200 $18,400 $34,200 $27,225 $28,880 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 account shows a debit balance of $29,025. Clayborn's May bank statement shows a $25,400 balance in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company $8,800 $7,000 $ 145 A NSF check from a customer, not yet recorded by the company $1,680 The adjusted cash balance should be: Multiple Choice O $27,200 $18,400 $34,200 $27,225

Multiple Choice $27,200 $18,400 $34,200 $27,225 $28,880 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 account shows a debit balance of $29,025. Clayborn's May bank statement shows a $25,400 balance in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company $8,800 $7,000 $ 145 A NSF check from a customer, not yet recorded by the company $1,680 The adjusted cash balance should be: Multiple Choice O $27,200 $18,400 $34,200 $27,225

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
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Multiple Choice $27,200 $18,400 $34,200 $27,225 $28,880
Transcribed Image Text:Multiple Choice $27,200 $18,400 $34,200 $27,225 $28,880
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 account shows a debit balance of $29,025. Clayborn's May bank statement shows a $25,400 balance in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company $8,800 $7,000 $ 145 A NSF check from a customer, not yet recorded by the company $1,680 The adjusted cash balance should be: Multiple Choice O $27,200 $18,400 $34,200 $27,225
Transcribed Image Text: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 account shows a debit balance of $29,025. Clayborn's May bank statement shows a $25,400 balance in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company $8,800 $7,000 $ 145 A NSF check from a customer, not yet recorded by the company $1,680 The adjusted cash balance should be: Multiple Choice O $27,200 $18,400 $34,200 $27,225
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