Get correct answer general accounting Burkle Corporation's March 31 bank reconciliation shows deposits intransit of $700. The general ledger Cash in Bank account shows total cashreceipts during April of $41,000. The April bank statement shows totalcash deposits of $37,100 (including $1,100 from the collection of a note;the note collection has not yet been recorded by Fremont).What amount of deposits in transit should appear in the April 30 bankreconciliation?

Step 1: Define Bank ReconciliationAccount transactions can be verified with accounting invoice…

Answered: Burkle Corporation's March 31 bank…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 3E

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The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
Aqua Company prepared the following bank reconciliation on June 30. Balance per bank Deposit in transit Outstanding checks Balance per book There were total deposits of P6,500,000 and charges for disbursements of P9,000,000 for July per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Deposit in transit totaled P600,000 and checks outstanding amounted to P1,000,000 on July 31. What is the adjusted cash in bank on July 31? 9,800,000 400,000 (1,400,000) 8,800,000
The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. Deposits in transit not recorded by bank, $425. Bank debit memo for service charges, $35. Bank credit memo for note collected by bank, $2,475 including $75 interest. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. Checks outstanding, $1,860. Farmer Co. Bank Reconciliation June 30 Cash balance according to bank statement $fill in the blank 1 fill in the blank 3 $fill in the blank 4 fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 $fill in the blank 10 fill in the blank 12 fill in the blank 13 $fill in…
The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for June were posted, the cash account had a balance of $4,098. Prepare a bank reconciliation on the basis of the following reconciling items: Cash sales of $742 were erroneously recorded in the cash receipts journal as $724. Deposits in transit not recorded by bank, $425. Bank debit memo for service charges, $35. Bank credit memo for note collected by bank, $2,475 including $75 interest. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. Checks outstanding, $1,860. Farmer Co. Bank Reconciliation June 30 Cash balance according to bank statement $fill in the blank 1 fill in the blank 3 fill in the blank 5 Adjusted balance $fill in the blank 6 Cash balance according to company's records $fill in the blank 7 $fill in the blank 9 fill in the blank 11 fill in the blank 12 $fill in the blank 14 fill in the…
Aqua Company prepared the following bank reconciliation on June 30. Balance per bank Deposit in transit Outstanding checks Balance per book There were total deposits of P6,500,000 and charges for disbursements of P9,000,000 for July per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Deposit in transit totaled P600,000 and checks outstanding amounted to P1,000,000 on July 31. What is the amount of cash disbursements per book in July? 9,800,000 400,000 (1,400,000) 8,800,000
The bank statement for Farmer Co. indicates a balance of $7,735.00 on June 30. After the journal entries for June had been posted, the cash account had a balance of $4,098.00. Prepare a bank reconciliation on the basis of the following reconciling items: a. Cash sales of $742 had been erroneously recorded in the cash receipts journal as $724. b. Deposits in transit not recorded by bank, $425. c. Bank debit memo for service charges, $35. d. Bank credit memo for note collected by bank, $2,475 including $75 interest. e. Bank debit memo for $256 NSF (not sufficient funds) check from Janice Smith, a customer. f. Checks outstanding, $1,860. Farmer Co. Bank Reconciliation June 30 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance

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