May 31 deposits are reflected on June 3 amounting to $16,800. Adding all the deposits recorded in the book, it amounts to $84,000. However, in the bank statement, only $79,000 is reflected. Compute for the deposit in transit at the end of June.
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May 31 deposits are reflected on June 3 amounting to $16,800. Adding all the
deposits recorded in the book, it amounts to $84,000. However, in the bank
statement, only $79,000 is reflected. Compute for the deposit in transit at the
end of June.
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- Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000…Please show work. On July 1 of the current year, Rio Bravo factored receivables with a carrying value of $250,000 to a local bank. The transfer was made with a recourse of $3000. The bank assesses a finance charge of 3% of the amount of accounts receivable and retains an amount equal to 5% of the accounts receivable (for probable adjustments). The journal entry for this transaction will include which of the following? A. Debit to Recourse Liability of $3,000 B. Debit to Cash of $233,000. C. Debit to Due from Bank of $15,500. D. Debit to Loss on Sale of Receivables of $10,500. E. Mor than one of these.Fred's Supply's month end bank statement shows a balance of $32,000. Outstanding checks were $10,000, and the $5,000 deposit on the last day of the month is not yet shown on the bank statement since it was made after 4 p.m. Bank service fees of $35 and a returned check (NSF) of $49 were shown on the statement are not yet recorded on the books. What is the correct (reconciled) month-end cash amount? Respond in a whole number, no commas and no dollar signs.
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- Tell me why this is the answer as opposed to the othersFollowing are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…The opening balance of a savings account for June is $2,966. On June 9, $140 was withdrawn from the account. If the account pays simple interest at 1.15% based on the daily closing balance, how much interest is deposited on July 1? For full marks your answer should be rounded to the nearest cent. Interest = $0.00
- The following are data on three promissory notes. Determine the missing amounts. (Round answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms Maturity Date Principal (a) April 1 60 days May 31 $842,400 (b) July 2 30 days August 1 100,800 (c) March 7 6 months September 7 129,600 Annual Interest Rate 5 % $ Total Interest 6 ୫୫ 252,720 $504 10 % $ 2,365,200Sunland's Sweet Shop's August 31 bank balance was $11,127. The company's cash balance at August 31 was $10,805. Other information follows: Outstanding cheques were #421 for $157, #485 for $257, #492 for $167, and #494 for $1,157. Cheque #421 was also outstanding on July 31 and was included on July's bank reconciliation. 1. Included with the statement were EFT deposits totalling $1,727 during August in payment of accounts receivable. These deposits have not been recorded by the company. 2. Cheque #490 was correctly written and paid by the bank for $206. The cheque had been issued to pay accounts payable and the company had recorded it as $266. 3. 4. The bank statement showed a cheque #4832 for $787, which did not appear on the company's books. Investigation revealed that the cheque was actually issued by Wally's Water Works and was charged to Sunland's Sweet Shop's account in error. 5. The bank returned an NSF cheque from a customer for $377. The bank statement showed two debit…At August 31, Concord Company has a cash balance per books of $7,900 and the following additional data from the bank statement: charge for printing Concord Company checks $64, interest earned on checking account balance $71, and outstanding checks $840.Determine the adjusted cash balance per books at August 31. Adjusted cash balance per books $