Outstanding check: An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn. Forms of cash: Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs. To determine: The deposits in transit at July 31.

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Answer 1

Question

Chapter 8, Problem 8.13E

(a)

To determine

Outstanding check:

An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn.

Forms of cash:

Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs.

To determine: The deposits in transit at July 31.

(b)

To determine

The outstanding checks at July 31.

(c)

To determine

The deposits in transit at August 31.

(d)

To determine

The outstanding checks at August 31.

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Answer 2

Question

Chapter 8, Problem 8.13E

(a)

To determine

Outstanding check:

An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn.

Forms of cash:

Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs.

To determine: The deposits in transit at July 31.

(b)

To determine

The outstanding checks at July 31.

(c)

To determine

The deposits in transit at August 31.

(d)

To determine

The outstanding checks at August 31.

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Answer 3

Question

Chapter 8, Problem 8.13E

(a)

To determine

Outstanding check:

An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn.

Forms of cash:

Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs.

To determine: The deposits in transit at July 31.

(b)

To determine

The outstanding checks at July 31.

(c)

To determine

The deposits in transit at August 31.

(d)

To determine

The outstanding checks at August 31.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.13E

(a)

To determine

Outstanding check:

An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn.

Forms of cash:

Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs.

To determine: The deposits in transit at July 31.

(b)

To determine

The outstanding checks at July 31.

(c)

To determine

The deposits in transit at August 31.

(d)

To determine

The outstanding checks at August 31.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.13E

(a)

To determine

Outstanding check:

An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn.

Forms of cash:

Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs.

To determine: The deposits in transit at July 31.

(b)

To determine

The outstanding checks at July 31.

(c)

To determine

The deposits in transit at August 31.

(d)

To determine

The outstanding checks at August 31.

Answer 6

Chapter 8, Problem 8.13E

(a)

To determine

Outstanding check:

An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn.

Forms of cash:

Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs.

To determine: The deposits in transit at July 31.

Answer 7

Chapter 8, Problem 8.13E

(a)

To determine

Outstanding check:

An outstanding check can be defined as a check written by an entity, but not deducted from the appropriate general ledger cash account and not yet cleared the bank account on which the check is drawn.

Forms of cash:

Cash is the most liquid current asset. It includes the following forms of cash: coins, currency or paper money, money orders, checks, traveler’s checks, and funds in savings accounts and checking accounts. However, it does not include the following as they are near-cash items but not cash. These include certificates of deposit, postdated checks, non-sufficient fund checks, and IOUs.

To determine: The deposits in transit at July 31.

Answer 8

(b)

To determine

The outstanding checks at July 31.

Answer 9

(b)

To determine

The outstanding checks at July 31.

Answer 10

(c)

To determine

The deposits in transit at August 31.

Answer 11

(c)

To determine

The deposits in transit at August 31.

Answer 12

(d)

To determine

The outstanding checks at August 31.

Answer 13

(d)

To determine

The outstanding checks at August 31.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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

Concept explainers

The outstanding checks at July 31.

The deposits in transit at August 31.

The outstanding checks at August 31.

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Chapter 8 Solutions