Homework Help is Here – Start Your Trial Now!
Business
Accounting
Official Receipt Date Official Receipt No. Customer Amount 5/2/2016 4171 Carl 4,000 5/8/2016 4172 Vince 2,000 5/9/2016 4173 Ryan 8,900 5/25/2016 4174 Fatima 7,800 5/26/2016 4175 Cherry 3,200 It is the policy of the company to deposit collection within the following day from the date of collection. The bank statement for April 2016 revealed following deposits made: Deposit Date Amount 5/3/2016 4,000 5/9/2016 2,000 5/10/2016 8,900 5/26/2016 7,800 5/26/2016 3,200 Instruction: Compute for the deposit in transit or undeposited collection as of end of April 2016.

Official Receipt Date Official Receipt No. Customer Amount 5/2/2016 4171 Carl 4,000 5/8/2016 4172 Vince 2,000 5/9/2016 4173 Ryan 8,900 5/25/2016 4174 Fatima 7,800 5/26/2016 4175 Cherry 3,200 It is the policy of the company to deposit collection within the following day from the date of collection. The bank statement for April 2016 revealed following deposits made: Deposit Date Amount 5/3/2016 4,000 5/9/2016 2,000 5/10/2016 8,900 5/26/2016 7,800 5/26/2016 3,200 Instruction: Compute for the deposit in transit or undeposited collection as of end of April 2016.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Bank Recon

Official Receipt Date Official Receipt No. Customer Amount 5/2/2016 4171 Carl 4,000 5/8/2016 4172 Vince 2,000 5/9/2016 4173 Ryan 8,900 5/25/2016 4174 Fatima 7,800 5/26/2016 4175 Cherry 3,200 It is the policy of the company to deposit collection within the following day from the date of collection. The bank statement for April 2016 revealed following deposits made: Deposit Date Amount 5/3/2016 4,000 5/9/2016 2,000 5/10/2016 8,900 5/26/2016 7,800 5/26/2016 3,200 Instruction: Compute for the deposit in transit or undeposited collection as of end of April 2016.
Transcribed Image Text:Official Receipt Date Official Receipt No. Customer Amount 5/2/2016 4171 Carl 4,000 5/8/2016 4172 Vince 2,000 5/9/2016 4173 Ryan 8,900 5/25/2016 4174 Fatima 7,800 5/26/2016 4175 Cherry 3,200 It is the policy of the company to deposit collection within the following day from the date of collection. The bank statement for April 2016 revealed following deposits made: Deposit Date Amount 5/3/2016 4,000 5/9/2016 2,000 5/10/2016 8,900 5/26/2016 7,800 5/26/2016 3,200 Instruction: Compute for the deposit in transit or undeposited collection as of end of April 2016.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS