Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) forthe month of May showed the following:DateMay 1(a)1531Cash ReceiptsAmount$25,5004,7437,972$38,215Your answer is incorrect.Deposit in transit of May 31Date$May 231415181922232526Cash PaymentsNumber001002003004005006007008009010Amount$1,6487,2771,7148,4573651,0162,177541Review Blossom's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will bedeposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and thecash receipts summary because these will not be deposits in transit.)2,1732,005$27,373 The bookkeeper for Blossom Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bankreconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bankstatement showed the following:DateMay 1351519212525272831BLOSSOM MANUFACTURING LTD.Bank StatementMay 31NSF feeDescriptionDepositCheque, No. 001Cheque, No. 002DepositCheque, No. 004Cheque, No. 006Returned cheque-NSF, S. GillisCheque, No. 009Cheque, No. 010Bank service chargesAmountsDeducted fromAccount (Debits)1.6487,2778,4571,0161,377312,1732,00543Amounts Addedto Account(Credits)25,5004,743Balance25,50023,85216,57521,31812,86111,84510,46810,4378,2646,2596,216Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) forthe month of May showed the following:

Bank Reconciliation StatementA bank reconciliation statement is a document created by an…

Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following: Date May 1 (a) Cash Receipts 15 31 Amount $25,500 4,743 7,972 $38,215 Your answer is incorrect. Deposit in transit of May 31 Date $ May 2 3 14 15 18 19 22 23 25 26 Cash Payments Number 001 002 003 004 005 006 007 008 009 010 Amount Review Blossom's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) $1,648 7,277 1,714 8,457 365 1,016 2,177 541 2,173 2,005 $27,373

Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following: Date May 1 (a) Cash Receipts 15 31 Amount $25,500 4,743 7,972 $38,215 Your answer is incorrect. Deposit in transit of May 31 Date $ May 2 3 14 15 18 19 22 23 25 26 Cash Payments Number 001 002 003 004 005 006 007 008 009 010 Amount Review Blossom's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) $1,648 7,277 1,714 8,457 365 1,016 2,177 541 2,173 2,005 $27,373

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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Choose the letter of the correct answer: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 - 1,000,000; *Book debits for July including June CM for note collected, P300,000 - 4,000,000; *Book credits for July including NSF of P100,000 and service charge of P4,000 - 3,600,000. Bank statement for July: *Balance June 30 - 1,650,000; *Bank debits for July including service charge of P1,000 and June outstanding checks of P854,000 - 2,500,000; *Bank credits for July including CM for bank loan of P500,000 and June deposit in transit of P400,000 - 3,500,000. Compute for the deposit in transit on July 31: a.1,100,000b.1,800,000c.2,800,000d.1,600,000
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