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Review Crane's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) Deposit in transit of May 31

Review Crane's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) Deposit in transit of May 31

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 16P
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The bookkeeper for Crane Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 21 Cheque, No. 006 15 19 2 2 2 25 25 Returned cheque-NSF. S. Gillis NSF fee 27 Cheque, No. 009 28 Cheque, No. 010 31 Description Date May 1 CRANE MANUFACTURING LTD. Bank Statement May 31 15 31 Bank service charges Cash Receipts Amount $31.500 5,859 $47,203 Amounts Deducted from Account (Debits) Date May 2 3 14 15 Crane's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following: 18 19 22 23 25 2,032 8,993 26 10,449 1,256 1,701 2,689 2,473 55 43 Cash Payments Number 001 002 003 004 005 006 007 008 009 Amounts Added to Account (Credits) 010 Amount $2,032 8,993 2,122 31.500 10,449 449 1,256 2,693 673 2,689 2,473 $33,829 5.859 Balance 31,500 29,468 20,475 26,334 15,885 14,629 12,928 12,885 10.196 7,723 7,668
Transcribed Image Text:The bookkeeper for Crane Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 21 Cheque, No. 006 15 19 2 2 2 25 25 Returned cheque-NSF. S. Gillis NSF fee 27 Cheque, No. 009 28 Cheque, No. 010 31 Description Date May 1 CRANE MANUFACTURING LTD. Bank Statement May 31 15 31 Bank service charges Cash Receipts Amount $31.500 5,859 $47,203 Amounts Deducted from Account (Debits) Date May 2 3 14 15 Crane's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following: 18 19 22 23 25 2,032 8,993 26 10,449 1,256 1,701 2,689 2,473 55 43 Cash Payments Number 001 002 003 004 005 006 007 008 009 Amounts Added to Account (Credits) 010 Amount $2,032 8,993 2,122 31.500 10,449 449 1,256 2,693 673 2,689 2,473 $33,829 5.859 Balance 31,500 29,468 20,475 26,334 15,885 14,629 12,928 12,885 10.196 7,723 7,668
Review Crane's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) Deposit in transit of May 31 $
Transcribed Image Text:Review Crane's cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. (Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and the cash receipts summary because these will not be deposits in transit.) Deposit in transit of May 31 $
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Review Crane's cheque summary and determine the amount of any cheques that have not yet cleared the company's bank account. These will be outstanding cheques. (Hint: It can be useful to check off or cross out the cheques that appear on both the bank statement and the cheque summary because these will not be outstanding cheques.) Outstanding Cheques: GA tA
Transcribed Image Text:Review Crane's cheque summary and determine the amount of any cheques that have not yet cleared the company's bank account. These will be outstanding cheques. (Hint: It can be useful to check off or cross out the cheques that appear on both the bank statement and the cheque summary because these will not be outstanding cheques.) Outstanding Cheques: GA tA
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