Bay Company provided the following information on December 31: Credit memo for November recorded in December Credit memo for December not yet recorded Deposit in transit - November 30 Erroneous bank charge in December corrected by bank in December Erroneous receipt by Bay Company in December not corrected until the following year Total company receipts for December Total bank credits in December 600,000 800,000 700,000 200,000 300,000 8,500,000 8,000,000 What amount should be reported as deposit in transit on December 31? a. 1,900,000 b. 1,300,000 c. 1,500,000 d. 1,200,000

Bay Company provided the following information on December 31: Credit memo for November recorded in December Credit memo for December not yet recorded Deposit in transit - November 30 Erroneous bank charge in December corrected by bank in December Erroneous receipt by Bay Company in December not corrected until the following year Total company receipts for December Total bank credits in December 600,000 800,000 700,000 200,000 300,000 8,500,000 8,000,000 What amount should be reported as deposit in transit on December 31? a. 1,900,000 b. 1,300,000 c. 1,500,000 d. 1,200,000

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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