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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 $21,252. Clayborn's May bank statement shows $19,400 on deposit in the bank. Determine the adjusted cash balance using the following information. Deposit in transit Outstanding check Bank service fees, not yet recorded by the company $6,550 $5,500 $70 A NSF check from a customer, not yet recorded by the company $1,005 The adjusted cash balance should be:

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 $21,252. Clayborn's May bank statement shows $19,400 on deposit in the bank. Determine the adjusted cash balance using the following information. Deposit in transit Outstanding check Bank service fees, not yet recorded by the company $6,550 $5,500 $70 A NSF check from a customer, not yet recorded by the company $1,005 The adjusted cash balance should be:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $21,252. Clayborn's May bank statement shows $19,400 on deposit in the bank. Determine the adjusted cash balance using the following information. Deposit in transit Outstanding check Bank service fees, not yet recorded by the company $6,550 $5,500 $70 A NSF check from a customer, not yet recorded by the company $1,005 The adjusted cash balance should be:
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 $21,252. Clayborn's May bank statement shows $19,400 on deposit in the bank. Determine the adjusted cash balance using the following information. Deposit in transit Outstanding check Bank service fees, not yet recorded by the company $6,550 $5,500 $70 A NSF check from a customer, not yet recorded by the company $1,005 The adjusted cash balance should be:
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