On April 30, the bank reconciliation of Blossom Company shows a deposit in transit of $1,450. The May bank statement and the general ledger Cash account in May show the following: BLOSSOM COMPANY Bank Statement (partial) Deposits Date Description Amount May 1 Deposit $1,450 5 Deposit 2,280 12 Deposit 3,262 20 Deposit 950 26 Deposit 1,318 30 EFT 976 30 Interest Earned 37 BLOSSOM COMPANY Cash Account (partial) Deposits Made Date Amount May 2 $2,280 9 3,226 16 950 23 1,318 30 1,366 Additional information: 1 The bank did not make any errors in May. 2. EFT is an electronic online payment from a customer. (a) Calculate the deposits in transit at May 31. Deposits in transit at May 31 $

On April 30, the bank reconciliation of Blossom Company shows a deposit in transit of $1,450. The May bank statement and the general ledger Cash account in May show the following: BLOSSOM COMPANY Bank Statement (partial) Deposits Date Description Amount May 1 Deposit $1,450 5 Deposit 2,280 12 Deposit 3,262 20 Deposit 950 26 Deposit 1,318 30 EFT 976 30 Interest Earned 37 BLOSSOM COMPANY Cash Account (partial) Deposits Made Date Amount May 2 $2,280 9 3,226 16 950 23 1,318 30 1,366 Additional information: 1 The bank did not make any errors in May. 2. EFT is an electronic online payment from a customer. (a) Calculate the deposits in transit at May 31. Deposits in transit at May 31 $

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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