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Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the eneral ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 deposits were received during the month. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of eptember, the Company books show that $11,670 of cheques were issued, yet the bank statement showed at $10,500 of cheques cleared the bank in September. here were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 1) What were the deposits in transit at September 30? $2,260 $2,150 $1,960 $2,650 None of the above 2) What were the outstanding cheques at September 30? $2,020 $2,120 $1,170 $1,980 None of the above

Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the eneral ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 deposits were received during the month. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of eptember, the Company books show that $11,670 of cheques were issued, yet the bank statement showed at $10,500 of cheques cleared the bank in September. here were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 1) What were the deposits in transit at September 30? $2,260 $2,150 $1,960 $2,650 None of the above 2) What were the outstanding cheques at September 30? $2,020 $2,120 $1,170 $1,980 None of the above

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the accounts for an Adjusting Journal Entry needed in this situation for August 31st: f) Dr Cash and Cr Bank Records g) Dr Cash and Cr Bank Income h) Dr Bank Expenses and Cr Cash i) Dr Bank Records and Cr Cash j) None of the above
Transcribed Image Text:Use the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the accounts for an Adjusting Journal Entry needed in this situation for August 31st: f) Dr Cash and Cr Bank Records g) Dr Cash and Cr Bank Income h) Dr Bank Expenses and Cr Cash i) Dr Bank Records and Cr Cash j) None of the above
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