Consider the following situations for Company A: Situation #1: On the June 30 bank reconciliation, deposits in transit total $720. During July, the Cash account in the general ledger shows deposits of $15,750. The bank statement for July shows that $15,600 in deposits were received during the month. Situation #2: On the June 30 bank reconciliation, outstanding checks were $680. During the month of July, the Cash account in the general ledger shows that $17,200 in checks were issued. The bank statement showed that $16,400 in checks cleared the bank in July. Situation #3: In September, deposits per the bank statement totaled $26,700, deposits per books were $25,400, and deposits in transit at September 30 were $2,100. Situation #4: In September, cash disbursements per books were $23,700, checks clearing the bank were $25,000, and outstanding checks at September 30 were $2,100. In all four situations, there were no bank debit or credit memos. Also, no Cash account errors were made by either the bank or the company. In situation #3, what were the deposits in transit at August 31?
Consider the following situations for Company A: Situation #1: On the June 30 bank reconciliation, deposits in transit total $720. During July, the Cash account in the general ledger shows deposits of $15,750. The bank statement for July shows that $15,600 in deposits were received during the month. Situation #2: On the June 30 bank reconciliation, outstanding checks were $680. During the month of July, the Cash account in the general ledger shows that $17,200 in checks were issued. The bank statement showed that $16,400 in checks cleared the bank in July. Situation #3: In September, deposits per the bank statement totaled $26,700, deposits per books were $25,400, and deposits in transit at September 30 were $2,100. Situation #4: In September, cash disbursements per books were $23,700, checks clearing the bank were $25,000, and outstanding checks at September 30 were $2,100. In all four situations, there were no bank debit or credit memos. Also, no Cash account errors were made by either the bank or the company. In situation #3, what were the deposits in transit at August 31?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Consider the following situations for Company A:
Situation #1: On the June 30 bank reconciliation, deposits in transit
total $720. During July, the Cash account in the general ledger shows
deposits of $15,750. The bank statement for July shows that $15,600
in deposits were received during the month.
Situation #2: On the June 30 bank reconciliation, outstanding checks
were $680. During the month of July, the Cash account in the general
ledger shows that $17,200 in checks were issued. The bank statement
showed that $16,400 in checks cleared the bank in July.
Situation #3: In September, deposits per the bank statement totaled
$26,700, deposits per books were $25,400, and deposits in transit at
September 30 were $2,100.
Situation #4: In September, cash disbursements per books were
$23,700, checks clearing the bank were $25,000, and outstanding
checks at September 30 were $2,100.
In all four situations, there were no bank debit or credit memos. Also,
no Cash account errors were made by either the bank or the
company.
In situation #3, what were the deposits in transit at August 31?
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