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Please clearly explain the formulas used The cash records of Sandhill Corporation show the following. For July 1. The June 30 bank reconciliation indicated that
Please clearly explain the formulas used
The cash records of Sandhill Corporation show the following. For July 1. The June 30 bank reconciliation indicated that deposits in transit total $680. During July the general ledger account Cash shows deposits of $17,020, but the bank statement indicates that only $15,500 in deposits were received during the month. 2. The June 30 bank reconciliation reported outstanding cheques of $910. During the month of July, Sandhill Corporation books show that $17,450 of cheques were issued, yet the bank statement showed that $16,280 of cheques cleared the bank in July For September In September deposits per bank statement totalled $25,760, deposits per books were $26,490, and deposits in transit at September 30 were $2,340 1. 2. In September cheques issued per books were $23,580, cheques clearing the bank were $24,000, and outstanding cheques at September 30 were $2,180. There were no bank debit or credit memoranda, and no errors were made by either the bank or Sandhill Corporation. What were the deposits in transit at July 31? Deposits in transit What were the outstanding cheques at July 31? Outstanding cheques What were the deposits in transit at August 31? Deposit in transit What were the outstanding cheques at August 31? Outstanding chequesStep by Step Solution
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