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Problem 3. A Company provide the following bank reconciliation on May 31: Balance per bank statement Deposits outstanding Checks outstanding 2,100,000 300,000 (80,000) Correct cash balance 2,320,000 Balance per book Bank service charge Correct cash balance 2,322,000 (2,000). 2,320,000 Data for the month of June: Checks recorded Deposits recorded Collection by Bank (400,000 note Bank 2,360,000 1,800,000 Book 2,400,000 1,900,000 Plus interest ) 420,000

Problem 3. A Company provide the following bank reconciliation on May 31: Balance per bank statement Deposits outstanding Checks outstanding 2,100,000 300,000 (80,000) Correct cash balance 2,320,000 Balance per book Bank service charge Correct cash balance 2,322,000 (2,000). 2,320,000 Data for the month of June: Checks recorded Deposits recorded Collection by Bank (400,000 note Bank 2,360,000 1,800,000 Book 2,400,000 1,900,000 Plus interest ) 420,000

FINANCIAL ACCOUNTING
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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p.3a - What is the amount of deposits in transit on June 30?

Problem 3. A Company provide the fllowing bank reconciliation on May 31: Balance per bank statement Deposits outstanding Checks outstanding 2,100,000 300,000 (80,000) Correct cash balance 2,320,000 Balance per book Bank service charge Correct cash balance 2,322,000 (2,000) 2,320,000 Data for the month of June: Book 2,400,000 1,900,000 Bank Checks recorded 2,360,000 1,800,000 Deposits recorded Collection by Bank (400,000 note Plus Interest ) 420,000 NSF check returned with June 30 Balances 10,000 1,830,000 1,810,000
Transcribed Image Text:Problem 3. A Company provide the fllowing bank reconciliation on May 31: Balance per bank statement Deposits outstanding Checks outstanding 2,100,000 300,000 (80,000) Correct cash balance 2,320,000 Balance per book Bank service charge Correct cash balance 2,322,000 (2,000) 2,320,000 Data for the month of June: Book 2,400,000 1,900,000 Bank Checks recorded 2,360,000 1,800,000 Deposits recorded Collection by Bank (400,000 note Plus Interest ) 420,000 NSF check returned with June 30 Balances 10,000 1,830,000 1,810,000
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