On April 30, the bank reconciliation of Hidden Valley Company shows a deposit in transit of $1,437.
Question:
HIDDEN VALLEY COMPANY
Cash Account (partial)
Deposits Made
Date ____________________ Amount
May 2 .............................. $2,255
9 ...................................... 3,218
16 ...................................... 945
23 .................................... 1,298
30 .................................... 1,353
Additional information:
1. The bank did not make any errors in May.
2. EFT is an electronic on-line payment from a customer.
Instructions
(a) List the deposits in transit at May 31.
(b) List any other items that must be included in the bank reconciliation. Describe the impact of each item on the bank reconciliation?
Step by Step Answer:
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow