Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $18,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit$1,450Outstanding checks837Additionally, a $29 check correctly written and recorded by the company was recorded by the bank as a $92 deduction.The adjusted cash balance per the bank records should be:
A. $18,911
B. $16,137
C. $19,037
D. $18,974
E. $20,711
Answer: C
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