Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all 4. For July: 1. The June 30 bank reconciliation ind icated that deposits in transit total $710. During July, the general ledger

Please answer all 4.
image text in transcribed
image text in transcribed
For July: 1. The June 30 bank reconciliation ind icated that deposits in transit total $710. During July, the general ledger account Cash shows deposits of $17,200, but the bank statement indicates that only $15,950 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $930. During the month of July, Ivanhoe Company books show that $18,780 of checks were issued, yet the bank statement showed that $16,340 of checks cleared the bank in July. For September: 3. In September, deposits per bank statement totaled $27,020, deposits per books were $26,430, and deposits in transit at September 30 were $2.810. 4. In September, cash disbursements per books were $23,020, checks clearing the bank were $24,830, and outstanding checks at September 30 were $2,490. There were no bank debit or credit memoranda, and no errors were made by either the bank or Ivanhoe Company. Answer the following questions. (a) In situation 1, what were the deposits in transit at July 31 ? The deposits in transit at July 31 s Answer the following questions. (a) In situation 1, what were the deposits in transit at July 31 ? The deposits in transit at July 31 5 (b) In situation 2, what were the outstanding checks at July 31 ? The outstanding checks at July 31$ (c) In situation 3, what were the deposits in transit at August 31? The deposits in transit at August 31 (d) In situation 4, what were the outstanding checks at August 31 ? The outstanding checks at August 31 5

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

Technical Audit A Thoroughfare Of System Perfection MBTA Management By Technical Audit

Authors: Shankar Bakhsh Srivastava

1st Edition

3848483343, 978-3848483341

More Books

Students also viewed these Accounting questions