Cassie Company provided the following information:Balance per bank statement - May 31Deposits outstandingChecks outstandingCorrect bank balances - May 31Balance per book - May 31Bank service chargeCorrect book balance - May 312,600,000300,000( 100,000)2,800,0002,810,000( 10,000)2,800,000June data are as follows:BankBookChecks recorded2,200,0002,500,000Deposit recordedService charge recordedNote collected by bank,P500,000 plus interest1,600,0001,800,00050,000550,000NSF checks returned with June 30 statement100,000Balances2,400,0002,100,000What is the amount of deposits in transit on June 30?

Reconciliation statement helps in making the balance of bank in the books of entity is matched with…

Cassie Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book June data are as follows: Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest NSF checks returned with June 30 statement 1,600,000 1,800,000 50,000 550,000 100,000 Balances 2,400,000 2,100,000 What is the amount of deposits in transit on June 30?

Cassie Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book June data are as follows: Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest NSF checks returned with June 30 statement 1,600,000 1,800,000 50,000 550,000 100,000 Balances 2,400,000 2,100,000 What is the amount of deposits in transit on June 30?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 7EA: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:...

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Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
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