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Current Attempt in Progress The cash records of Sheridan Inc. show the following situations: Deposits in transit: The June 30 bank reconciliation indicated that deposits in transit total $1,840. During July, the general ledger account Cash shows deposits of $13,600, but the bank statement indicates that $14,580 in deposits were received during the month. In August, deposits per bank statement totalled $20,700 and deposits per books were $21,080. 1 2 Outstanding cheques: The June 30 bank reconciliation reported outstanding cheques of $520. During July, the Sheridan books showed that $16,720 of cheques were issued. The bank statement showed that $15.800 of cheques cleared the bank in July In August, cheques issued were $20,860 and cheques clearing the bank were $21,640. 1 2 (a) What were the deposits in transit at July 31 and at August 31? What were the deposits in transit at July 31 and at August 31? 4 Deposits in transit $ July 31 August 31

Current Attempt in Progress The cash records of Sheridan Inc. show the following situations: Deposits in transit: The June 30 bank reconciliation indicated that deposits in transit total $1,840. During July, the general ledger account Cash shows deposits of $13,600, but the bank statement indicates that $14,580 in deposits were received during the month. In August, deposits per bank statement totalled $20,700 and deposits per books were $21,080. 1 2 Outstanding cheques: The June 30 bank reconciliation reported outstanding cheques of $520. During July, the Sheridan books showed that $16,720 of cheques were issued. The bank statement showed that $15.800 of cheques cleared the bank in July In August, cheques issued were $20,860 and cheques clearing the bank were $21,640. 1 2 (a) What were the deposits in transit at July 31 and at August 31? What were the deposits in transit at July 31 and at August 31? 4 Deposits in transit $ July 31 August 31

FINANCIAL ACCOUNTING
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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Current Attempt in Progress The cash records of Sheridan Inc. show the following situations: Deposits in transit: The June 30 bank reconciliation indicated that deposits in transit total $1,840. During July, the general ledger account Cash shows deposits of $13,600, but the bank statement indicates that $14,580 in deposits were received during the month. In August, deposits per bank statement totalled $20,700 and deposits per books were $21,080. 1 2 Outstanding cheques: The June 30 bank reconciliation reported outstanding cheques of $520. During July, the Sheridan books showed that $16,720 of cheques were issued. The bank statement showed that $15.800 of cheques cleared the bank in July In August, cheques issued were $20,860 and cheques clearing the bank were $21,640. 1 2 (a) What were the deposits in transit at July 31 and at August 31? What were the deposits in transit at July 31 and at August 31? 4 Deposits in transit $ July 31 August 31
Transcribed Image Text:Current Attempt in Progress The cash records of Sheridan Inc. show the following situations: Deposits in transit: The June 30 bank reconciliation indicated that deposits in transit total $1,840. During July, the general ledger account Cash shows deposits of $13,600, but the bank statement indicates that $14,580 in deposits were received during the month. In August, deposits per bank statement totalled $20,700 and deposits per books were $21,080. 1 2 Outstanding cheques: The June 30 bank reconciliation reported outstanding cheques of $520. During July, the Sheridan books showed that $16,720 of cheques were issued. The bank statement showed that $15.800 of cheques cleared the bank in July In August, cheques issued were $20,860 and cheques clearing the bank were $21,640. 1 2 (a) What were the deposits in transit at July 31 and at August 31? What were the deposits in transit at July 31 and at August 31? 4 Deposits in transit $ July 31 August 31
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