Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the eneral ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 deposits were received during the month. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of eptember, the Company books show that $11,670 of cheques were issued, yet the bank statement showed at $10,500 of cheques cleared the bank in September. here were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 1) What were the deposits in transit at September 30? $2,260 $2,150 $1,960 $2,650 None of the above 2) What were the outstanding cheques at September 30? $2,020 $2,120 $1,170 $1,980 None of the above
Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the eneral ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 deposits were received during the month. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of eptember, the Company books show that $11,670 of cheques were issued, yet the bank statement showed at $10,500 of cheques cleared the bank in September. here were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 1) What were the deposits in transit at September 30? $2,260 $2,150 $1,960 $2,650 None of the above 2) What were the outstanding cheques at September 30? $2,020 $2,120 $1,170 $1,980 None of the above
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub