Blue Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.June 30 Bank ReconciliationBalance per bank $37,800 Add: Deposits in transit 8,316 Deduct: Outstanding checks (10,800)Balance per books $35,316 Month of July Results Per Bank Per BooksBalance July 31 $46,710 $49,950July deposits 27,000 31,374July checks 21,600 16,740July note collected (not included in July deposits) 5,400 July bank service charge 81 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 1,809 Prepare a bank reconciliation going from the balance per bank and balance per book to correct cash balance.

Calculate the amount of deposits in transit.

Answered: Blue Lansbury Company deposits all…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...

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Blue Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.

June 30 Bank Reconciliation
Balance per bank	$37,800
Add: Deposits in transit	8,316
Deduct: Outstanding checks	(10,800	)
Balance per books	$35,316

Month of July Results
	Per Bank	Per Books
Balance July 31	$46,710	$49,950
July deposits	27,000	31,374
July checks	21,600	16,740
July note collected (not included in July deposits)	5,400
July bank service charge	81
July NSF check from a customer, returned by the bank (recorded by bank as a charge)	1,809

Prepare a bank reconciliation going from the balance per bank and balance per book to correct cash balance.

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