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For the months of January and February, Crane Ltd. recorded cash deposits in its books of $5,300 and $5,500, respectively. For the same two months, the bank reported deposits totalling $3,900 and $4,200, respectively. Assuming that there were no deposits in transit at the beginning of January, what was the amount of deposits in transit at the end of January and at the end of February? Deposit in transit $ January $ February

For the months of January and February, Crane Ltd. recorded cash deposits in its books of $5,300 and $5,500, respectively. For the same two months, the bank reported deposits totalling $3,900 and $4,200, respectively. Assuming that there were no deposits in transit at the beginning of January, what was the amount of deposits in transit at the end of January and at the end of February? Deposit in transit $ January $ February

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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For the months of January and February, Crane Ltd. recorded cash deposits in its books of $5,300 and $5,500, respectively. For the same two months, the bank reported deposits totalling $3,900 and $4,200, respectively. Assuming that there were no deposits in transit at the beginning of January, what was the amount of deposits in transit at the end of January and at the end of February? Deposit in transit $ January $ February
Transcribed Image Text:For the months of January and February, Crane Ltd. recorded cash deposits in its books of $5,300 and $5,500, respectively. For the same two months, the bank reported deposits totalling $3,900 and $4,200, respectively. Assuming that there were no deposits in transit at the beginning of January, what was the amount of deposits in transit at the end of January and at the end of February? Deposit in transit $ January $ February
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