Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A) Determine the amount of deposits in transit and outstanding cheques at May 31. Keeping in mind the time lag between deposits and cheques being

A) Determine the amount of deposits in transit and outstanding cheques at May 31. Keeping in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank.

B) Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance

C) Prepare the journal entry to correct the Cash account at May 31

image text in transcribedimage text in transcribedimage text in transcribed

Concord Corporation deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Balance per bank Add: Deposits in transit Deduct: Outstanding cheques Balance per books April 30 Bank Reconciliation $7,380 1,520 (2,100) $6,800 Month of May Results Balance on May 31 May deposits May cheques May note collected (not included in May deposits) May bank service charge May NSF cheque from a customer, returned by the bank (recorded by the bank as a charge) Per Bank Per Books $8,850 $9,595 4,850 5,750 4,240 3,145 1,055 20 365 Determine the amount of deposits in transit and outstanding cheques at May 31. Keeping in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank. Deposits in transit, May 31 $ Outstanding cheques, May 31 $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance. (List items that increase balance as per bank & books first.) Concord Corporation Bank Reconciliation May 31 Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance. (List items that increase balance as per bank & books first.) Concord Corporation Bank Reconciliation May 31 $ $ $ Prepare the journal entry to correct the Cash account at May 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Deferred Income Taxes

Authors: Bobby Carmichael

2nd Edition

1119724562, 9781119724568

More Books

Students also viewed these Accounting questions

Question

What are the role of supervisors ?

Answered: 1 week ago

Question

Understand the goals of succession planning

Answered: 1 week ago