Easton CoDeposits All Cash Receipts on the Day They Are Received

question 69

Multiple Choice

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 $60,209.Easton's June bank statement shows $58,349 on deposit in the bank.Determine the adjusted cash balance using the following information:
$$\begin{array} { | l | r | } \hline \text { Deposit in transit } & \$ 3,800 \\\hline \text { Outstanding checks } & \$ 1,925 \\\hline \text { Check printing fee, not yet recorded by company } & \$ 15 \\\hline \text { Interest earned on account, not yet recorded by the company } & \$ 30 \\\hline\end{array}$$
The adjusted cash balance should be:

• A) $60,194
• B) $60,239
• C) $62,149
• D) $56,424
• E) $60,224

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Definitions:

Summary Judgment

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The degradation of a visual or natural environment, making it unappealing or less desirable, often due to human-made structures or waste.

Directed Verdict

A ruling by a court in favor of one party without allowing the case to go to jury, usually because the opposing party has not met the burden of proof.

Pretrial Conference

A meeting between the parties involved in a legal case and the judge, aimed at simplifying the issues and planning the course of the trial.