Use the following data the answer questions 11 to 14The cash records of Company Inc. show the following:3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September thegeneral ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540in deposits were received during the month.4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month ofSeptember, the Company books show that $11,670 of cheques were issued, yet the bank statement showedthat $10,500 of cheques cleared the bank in September.There were no bank debit or credit memoranda and no errors were made by either the bank or the Company.11) What were the deposits in transit at September 30?f) $2,260g) $2,150h) $1,960i) $2,650j) None of the above12) What were the outstanding cheques at September 30?f) $2,020g) $2,120h) $1,170i) $1,980j) None of the aboveFlDage13) Which of the following is are the accounts for an Adjusting Journal Entry needed in this situationfor August 31st:f) Dr Cash and Cr Bank Recordsg) Dr Cash and Cr Bank Incomeh) Dr Bank Expenses and Cr Cashi) Dr Bank Records and Cr Cashj) 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

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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