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The cash account in the ledger of MMM Company shows a balance of P1,625,000 at December 31. The bank statement, however, shows a balance of P2,090,000 at the same date. The only reconciling items consist of a bank service charge of P2,000, a large number of outstanding checks totaling P690,000 and a deposit in transit. 14. What is the deposit transit in the December 31 bank reconciliation?

The cash account in the ledger of MMM Company shows a balance of P1,625,000 at December 31. The bank statement, however, shows a balance of P2,090,000 at the same date. The only reconciling items consist of a bank service charge of P2,000, a large number of outstanding checks totaling P690,000 and a deposit in transit. 14. What is the deposit transit in the December 31 bank reconciliation?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
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The cash account in the ledger of MMM Company shows a balance of P1,625,000 at December 31. The bank statement, however, shows a balance of P2,090,000 at the same date. The only reconciling items consist of a bank service charge of P2,000, a large number of outstanding checks totaling P690,000 and a deposit in transit. 14. What is the deposit transit in the December 31 bank reconciliation?
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