Q1: Outstanding check, June 30?Q2: Deposits in Transit, June 30?Q3: Cash per bank statement, June 30? STELLAR Company provided the following reconciliation schedule for the month of May:Balance per bankDIT2,600,000300,000100.0002,800,000Balance per bookBank charge2,810,00010,000*OCAdjusted balanceAdjusted Balance2,800,000Data for the month of June are as follows:Checks paidChecks depositedService chargeNote collected by bank, inclusive of 10% interestNSF Check returned with June 30 statementper Bank StatementP 2,200,0001,600,00050,000550,000100,000per BooksP 2,500,0001,800,00010,000*All reconciling items were recorded by both entities the succeeding month. Prepare a proof of cash schedule for June to determine the following amounts:

Outstanding Check = Checks paid as per book - Checks paid as per bank Deposit in Transit = Checks…

Answered: Q1: Outstanding check, June 30? Q2:…

Business

Accounting

Q1: Outstanding check, June 30? Q2: Deposits in Transit, June 30? Q3: Cash per bank statement, June 30?

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Q1: Outstanding check, June 30? Q2: Deposits in Transit, June 30? Q3: Cash per bank statement, June 30?

STELLAR Company provided the following reconciliation schedule for the month of May:
Balance per bank
DIT
2,600,000
300,000
100.000
2,800,000
Balance per book
Bank charge
2,810,000
10,000*
OC
Adjusted balance
Adjusted Balance
2,800,000
Data for the month of June are as follows:
Checks paid
Checks deposited
Service charge
Note collected by bank, inclusive of 10% interest
NSF Check returned with June 30 statement
per Bank Statement
P 2,200,000
1,600,000
50,000
550,000
100,000
per Books
P 2,500,000
1,800,000
10,000*
All reconciling items were recorded by both entities the succeeding month. Prepare a proof of cash schedule for June to determine the following amounts:

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