Deposits-in-transit : The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit. Outstanding checks : Outstanding checks are the checks that are issued by the company, but not yet paid by the bank. The amount of deposits-in-transit for Company D as at July 31, in situation 1

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Answer 1

Question

Chapter 7, Problem 7.13E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

The amount of deposits-in-transit for Company D as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company D as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company D as at August 31, in situation 3

(d)

To determine

The amount of checks outstanding for Company D as at August 31, in situation 4

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The adjusted trial balance cash 26,000 for each account open a t account prepare closing entries post closing t account entries post closing trial baalnce

Wesley's Towing ServiceCorrected Trial BalanceSeptember 30, 20XX Account Title Debit Credit Cash $37,421 Accounts Receivable $970 Supplies $200 Prepaid Insurance $2,300 Equipment $10,000 Accounts Payable $5,000 Wesley, Capital $20,500 Wesley, Drawing $320 Repair Fees $9,000 Wages Expense $6,500 Rent Expense $1,400 Advertising Expense $450 Utilities Expense $500 Total $58,761 $58,761 Cash: The debit balance of Cash is $37,421, as given in the problem. Accounts Receivable: The debit balance of Accounts Receivable is $970, as given in the problem. Supplies: The debit balance of Supplies is $200, as given in the problem. Prepaid Insurance: The debit balance of Prepaid Insurance is $2,300, as given in the problem. Equipment: The debit balance of Equipment is $10,000, as given in the problem. Accounts Payable: The credit balance of Accounts Payable is $5,000. This is because the problem states that a $500 payment to a creditor…

General Accounting question

Answer 2

Question

Chapter 7, Problem 7.13E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

The amount of deposits-in-transit for Company D as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company D as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company D as at August 31, in situation 3

(d)

To determine

The amount of checks outstanding for Company D as at August 31, in situation 4

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Answer 3

Question

Chapter 7, Problem 7.13E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

The amount of deposits-in-transit for Company D as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company D as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company D as at August 31, in situation 3

(d)

To determine

The amount of checks outstanding for Company D as at August 31, in situation 4

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Answer 4

Question

Chapter 7, Problem 7.13E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

The amount of deposits-in-transit for Company D as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company D as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company D as at August 31, in situation 3

(d)

To determine

The amount of checks outstanding for Company D as at August 31, in situation 4

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Answer 5

Chapter 7, Problem 7.13E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

The amount of deposits-in-transit for Company D as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company D as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company D as at August 31, in situation 3

(d)

To determine

The amount of checks outstanding for Company D as at August 31, in situation 4

Answer 6

Chapter 7, Problem 7.13E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

The amount of deposits-in-transit for Company D as at July 31, in situation 1

Answer 7

Chapter 7, Problem 7.13E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

The amount of deposits-in-transit for Company D as at July 31, in situation 1

Answer 8

(b)

To determine

The amount of checks outstanding for Company D as at July 31, in situation 2

Answer 9

(b)

To determine

The amount of checks outstanding for Company D as at July 31, in situation 2

Answer 10

(c)

To determine

The amount of deposits-in-transit for Company D as at August 31, in situation 3

Answer 11

(c)

To determine

The amount of deposits-in-transit for Company D as at August 31, in situation 3

Answer 12

(d)

To determine

The amount of checks outstanding for Company D as at August 31, in situation 4

Answer 13

(d)

To determine

The amount of checks outstanding for Company D as at August 31, in situation 4

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Concept explainers

The amount of checks outstanding for Company D as at July 31, in situation 2

The amount of deposits-in-transit for Company D as at August 31, in situation 3

The amount of checks outstanding for Company D as at August 31, in situation 4

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Chapter 7 Solutions