ABC Company provided the following information: Balance per bank statement- May 31 2,600,000 Deposits outstanding 300,000 Checks Outstanding (100,000) Correct Bank Balance- May 31 2,800,000 Balance per book- May 31 2,810,000 Bank Service Charge (10,000) Correct book balance- May 31 2,800,000 June data are as follows: BANK BOOK Checks recorded2,200,000 2,500,000 Deposits recorded1,600,000 1,800,000 Serbbice charge recorded50,000 Note collected by bank, 500,000 plus interest550,000 NSF Check returned with June 30 statement100,000 Balances2,400,000 2,100,000 1. What is the amount of outstanding checks on June 30? 2. What is the amount of deposits in transit on June 30? 3. What is the adjusted cash in bank on June 30?
ABC Company provided the following information: Balance per bank statement- May 31 2,600,000 Deposits outstanding 300,000 Checks Outstanding (100,000) Correct Bank Balance- May 31 2,800,000 Balance per book- May 31 2,810,000 Bank Service Charge (10,000) Correct book balance- May 31 2,800,000 June data are as follows: BANK BOOK Checks recorded2,200,000 2,500,000 Deposits recorded1,600,000 1,800,000 Serbbice charge recorded50,000 Note collected by bank, 500,000 plus interest550,000 NSF Check returned with June 30 statement100,000 Balances2,400,000 2,100,000 1. What is the amount of outstanding checks on June 30? 2. What is the amount of deposits in transit on June 30? 3. What is the adjusted cash in bank on June 30?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
ABC Company provided the following information:
Balance per bank statement- May 31 2,600,000
Deposits outstanding 300,000
Checks Outstanding (100,000)
Correct Bank Balance- May 31 2,800,000
Balance per book- May 31 2,810,000
Bank Service Charge (10,000)
Correct book balance- May 31 2,800,000
June data are as follows:
BANK BOOK
Checks recorded2,200,000 2,500,000
Deposits recorded1,600,000 1,800,000
Serbbice charge recorded50,000
Note collected by bank, 500,000 plus interest550,000
NSF Check returned with June 30 statement100,000
Balances2,400,000 2,100,000
1. What is the amount of outstanding checks on June 30?
2. What is the amount of deposits in transit on June 30?
3. What is the adjusted cash in bank on June 30?
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