Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Concord Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records: MARCH 31 BANK RECONCILIATION

  1. Concord Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records:

MARCH 31 BANK RECONCILIATION

Balance per bank

$59,360

Add: Deposits in transit

$4,704

Deduct: Outstanding checks

($8512)

Balance per books

55, 552

Month of April Results

Per Bank

Per Books

Balance April 30

$62,720

$61600

April deposits

$26,880

$31360

April checks

$24,864

$22,400

April note collected (not included in April deposits)

$6,720

-0-

April bank service charge

$69

-0-

April NSF check of a customer returned by the bank (recorded by bank as a charge)

$2,395

-0-

Calculate the amount of April 30:

Deposits in transit $

Outstanding checks $

Calculate the April 30 adjusted cash balance (show all work).

Adjusted cash balance $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Concord Plastics Company Bank Reconciliation April Deposits in Transit April deposits per bank2... 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

Intermediate Accounting principles and analysis

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

2nd Edition

471737933, 978-0471737933

More Books

Students also viewed these Finance questions