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.

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.

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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Question

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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