The cash account in the ledger of MMM Company shows a balance of P1,625,000 at December 31. The bank statement, however, shows a balance of P2,090,000 at the same date. The only reconciling items consist of a bank service charge of P2,000, a large number of outstanding checks totaling P690,000 and a deposit in transit. 14. What is the deposit transit in the December 31 bank reconciliation?
The cash account in the ledger of MMM Company shows a balance of P1,625,000 at December 31. The bank statement, however, shows a balance of P2,090,000 at the same date. The only reconciling items consist of a bank service charge of P2,000, a large number of outstanding checks totaling P690,000 and a deposit in transit. 14. What is the deposit transit in the December 31 bank reconciliation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The cash account in the ledger of MMM Company shows a balance of P1,625,000
at December 31. The bank statement, however, shows a balance of P2,090,000
at the same date. The only reconciling items consist of a bank service
charge of P2,000, a large number of outstanding checks totaling P690,000 and
a deposit in transit.
14. What is the deposit transit in the December 31 bank reconciliation?
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