Based on the information in the worksheet, Calculate:February Deposits in Transit:Date AmountFebruary Outstanding Checks:Check # Amount Bank of the UniverseCustomer: Goldman Sochs CompanyPartial Bank SatementNew York, N.Y.For Month of February 2020Balance -January 31, 2020Add: DepositsLess: Checks paidBalance-February 28, 202020,00026,42311,88434,5391,2751,7202,7503,5001,4801,15911,884Deposits1-Feb5,1482,9351,0876,2503,4684,2903,24526,423Checks7-Feb #2592-Feb11-Feb #2553-Feb21-Feb #26210-Feb22-Feb #26116-Feb28-Feb #26323-Feb28-Feb #25828-FebTotal Checks PaidTotal DepositsCalculate:February Deposits in TransitDateFebruary Outstanding ChecksCheck # AmountAmount Goldman Sochs CompanyJanuary Bank Reconciliation:Deposits in Transit30-JanOutstanding Checks:1,6501,7202,4105,7805,1482,9355-Jan #25231-Jan29-Jan #25530-Jan #257Total8,083TotalFebruary Cash Receipts JournalFebruary Cash Disbursements JournalChecks:Deposits:2-Feb1-Feb #2581,0876,2503,4684,2908,1003,2455,21031,6501,1591,2751,9953,5002,7501,4801,56013,7199-Feb5-Feb #25916-Feb12-Feb #26023-Feb16-Feb #26127-Feb20-Feb #26228-Feb27-Feb #26328-Feb28-Feb #264TotalTotalBank of the UniverseCustomer: Goldman Sochs CompanyNew York, N.Y.Partial Bank SatementFor Month of February 2020Balance -January 31, 2020Add: DepositsLess: Checks paidBalance-February 28, 202020,00026,42311,88434,539Deposits1-FebChecks5,1482,9351,0876,2503,4684,2903,24526,4237-Feb #2591,2751,7202,7503,5001,4801,15911,8842-Feb11-Feb #2553-Feb21-Feb #26210-Feb22-Feb #26128-Feb #26328-Feb #25816-Feb23-Feb28-FebTotal Checks PaidTotal Deposits

Answered: Based on the information in the…

Based on the information in the worksheet, Calculate: February Deposits in Transit: Date Amount February Outstanding Checks: Check # Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Based on the information in the worksheet, Calculate:

February Deposits in Transit:

Date Amount

February Outstanding Checks:

Check # Amount

Bank of the Universe
Customer: Goldman Sochs Company
Partial Bank Satement
New York, N.Y.
For Month of February 2020
Balance -January 31, 2020
Add: Deposits
Less: Checks paid
Balance-February 28, 2020
20,000
26,423
11,884
34,539
1,275
1,720
2,750
3,500
1,480
1,159
11,884
Deposits
1-Feb
5,148
2,935
1,087
6,250
3,468
4,290
3,245
26,423
Checks
7-Feb #259
2-Feb
11-Feb #255
3-Feb
21-Feb #262
10-Feb
22-Feb #261
16-Feb
28-Feb #263
23-Feb
28-Feb #258
28-Feb
Total Checks Paid
Total Deposits
Calculate:
February Deposits in Transit
Date
February Outstanding Checks
Check # Amount
Amount

Goldman Sochs Company
January Bank Reconciliation:
Deposits in Transit
30-Jan
Outstanding Checks:
1,650
1,720
2,410
5,780
5,148
2,935
5-Jan #252
31-Jan
29-Jan #255
30-Jan #257
Total
8,083
Total
February Cash Receipts Journal
February Cash Disbursements Journal
Checks:
Deposits:
2-Feb
1-Feb #258
1,087
6,250
3,468
4,290
8,100
3,245
5,210
31,650
1,159
1,275
1,995
3,500
2,750
1,480
1,560
13,719
9-Feb
5-Feb #259
16-Feb
12-Feb #260
23-Feb
16-Feb #261
27-Feb
20-Feb #262
28-Feb
27-Feb #263
28-Feb
28-Feb #264
Total
Total
Bank of the Universe
Customer: Goldman Sochs Company
New York, N.Y.
Partial Bank Satement
For Month of February 2020
Balance -January 31, 2020
Add: Deposits
Less: Checks paid
Balance-February 28, 2020
20,000
26,423
11,884
34,539
Deposits
1-Feb
Checks
5,148
2,935
1,087
6,250
3,468
4,290
3,245
26,423
7-Feb #259
1,275
1,720
2,750
3,500
1,480
1,159
11,884
2-Feb
11-Feb #255
3-Feb
21-Feb #262
10-Feb
22-Feb #261
28-Feb #263
28-Feb #258
16-Feb
23-Feb
28-Feb
Total Checks Paid
Total Deposits

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