Serrano Company’s policy for store sales collections requires that the cashier must deposit its available cash on hand at the end of the day. Cutoff time is 4pm, meaning to say, all cash collections received for the day UNTIL 4pm will be deposited in its depository bank. The store office hours run from 8am to 5pm. Any cash collected after the cutoff until 5pm will be deposited the following day together with its cash collection for that day. The following details relate to November 5:Cash sales, per tape receipts (in coins and currencies) – 13,455Petty cash fund – 3,000Change fund – 1,000Cash stored in the store vault collected after 4pm on November 4 – 540Cash collections after cutoff, November 5 – 730 What is the amount of cash deposited in the bank on November 5?
(BANK DEPOSITS) Serrano Company’s policy for store sales collections requires that the cashier must deposit its available cash on hand at the end of the day. Cutoff time is 4pm, meaning to say, all cash collections received for the day UNTIL 4pm will be deposited in its depository bank. The store office hours run from 8am to 5pm. Any cash collected after the cutoff until 5pm will be deposited the following day together with its cash collection for that day. The following details relate to November 5:Cash sales, per tape receipts (in coins and currencies) – 13,455Petty cash fund – 3,000Change fund – 1,000Cash stored in the store vault collected after 4pm on November 4 – 540Cash collections after cutoff, November 5 – 730
What is the amount of cash deposited in the bank on November 5?
Step by step
Solved in 3 steps
