Cassie Company provided the following information:Balance per bank statement - May 31Deposits outstandingChecks outstandingCorrect bank balances - May 31Balance per book - May 31Bank service chargeCorrect book balance - May 312,600,000300,000( 100,000)2,800,0002,810,000( 10,000)2,800,000June data are as follows:BankBookChecks recorded2,200,0002,500,000Deposit recordedService charge recordedNote collected by bank,P500,000 plus interest1,600,0001,800,00050,000550,000NSF checks returned with June 30 statement100,000Balances2,400,0002,100,000What is the amount of deposits in transit on June 30?

Reconciliation statement helps in making the balance of bank in the books of entity is matched with…

Cassie Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book June data are as follows: Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest NSF checks returned with June 30 statement 1,600,000 1,800,000 50,000 550,000 100,000 Balances 2,400,000 2,100,000 What is the amount of deposits in transit on June 30?

Cassie Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book June data are as follows: Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest NSF checks returned with June 30 statement 1,600,000 1,800,000 50,000 550,000 100,000 Balances 2,400,000 2,100,000 What is the amount of deposits in transit on June 30?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.3. What is the amount of cash that should be reported on the February 28 balance sheet?
The information below relates to the Cash Account in the Ledger of Vaughn Company. Balance September 1-$17,060; Cash Deposited-$64,330. Balance September 30-$17,784: Checks written-$63,606. The September bank statement shows a balance of $16,802 on September 30 and the following memoranda. CREDITS Collection of $1684 note plus interest $36 $1720 Interest earned on checking account $51 DEBITS NSF check: Richard Nance $615 Safety Deposit box Rent $71 At September 20, Deposits in Transit were $4640, and outstanding checks totaled $2573 Make a bank Recociliation
journalize any necessary entries for photo op based on bank recon
Beverly Hills, Inc. developed the following information in recording its bank statement for the month of November. Balance per books November 30 $22,014 Balance per bank statement November 30 $24,635 1. Checks written in November but still outstanding $1,450. 2. Checks written in October but still outstanding $1,107. 3. Deposits of November 29th and 30th not yet recorded by bank $5,496. 4. NSF check of customer, A. Lincoln, returned by bank, $704. 5. The bank statement contained an electronic funds transfer received from customer Theodora Company for $6,150 plus interest for $150. 6. Check No. 151 for $562 was correctly issued and paid by bank, but incorrectly entered in the Cash Payments Journal as $526. It was a payment made to vendor, Smith Concrete. A. Prepare a Bank Reconciliation Statement at November 30. B. For Beverly Hills, Inc. prepare the next journal entry from the bank reconciliation. C. For Beverly Hills, Inc. prepare the final journal entry from the bank…
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
Using the following information: a. The bank statement balance is $3,106. b. The cash account balance is $3,320. c. Outstanding checks amounted to $655. d. Deposits in transit are $714. e. The bank service charge is $146. f. A check for $59 for supplies was recorded as $50 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance