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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 $25,525. Clayborn's May bank statement shows $22,600 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 7,750 Outstanding checks $ 6,300 Bank service fees, not yet recorded by company $ 110 A NSF check from a customer, not yet recorded by the company $ 1,365 The adjusted cash balance should be:

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Answer:

$24,050

Explanation:

Calculation for the adjusted cash balance

Using this formula

Adjusted cash balance= Bank balance + Deposits in transit - Outstanding check

Let plug in the formula

Adjusted cash balance= $22,600 + $7,750 - $6,300

Adjusted cash balance= $24,050

Therefore the adjusted cash balance should be $24,050

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