The Bank Statement Reported an Ending Balance of $58,480 After

Multiple Choice

The bank statement reported an ending balance of $58,480 after deducting $880 in service charges and an addition of $18,000 for a note collected by the bank on the Bandit Company's behalf. The company books reported an ending balance of $38,760, and determined that deposits in transit equal $22,400 and outstanding checks equal $25,000.
What is the adjusted cash balance?

A) $55,880
B) $22,400
C) $47,880
D) $28,160