Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help asap Bank Reconciliation Components Identify the requested amount in each of the following situations: Bank Reconciliation Components ldentify the requested amount in each

Please help asap

Bank Reconciliation Components Identify the requested amount in each of the following situations:

image text in transcribed

Bank Reconciliation Components ldentify the requested amount in each of the following situations a. Munsing Company's May 31 bank reconciliation shows deposits in transit of $1,500. The general ledger Cash in Bank account shows total cash receipts during June of $57,400 The June bank statement shows total cash deposits (and no credit memos) of $56,000. What amount of deposits in transit should appear in the June 30 bank reconciliation? b. Sandusky Company's August 31 bank reconciliation shows outstanding checks of $2,200. The general ledger Cash in Bank account shows total cash disbursements (all by check) during September of $50,400. The September bank statement shows checks clearing the bank in the amount of $49,300 What amount of outstanding checks should appear in the September 30 bank reconciliation? C. Fremont Corporation's March 31 bank reconciliation shows deposits in transit of $900. The general ledger Cash in Bank account shows total cash receipts during April of $38,100 The April bank statement shows total cash deposits of $37,200 (including $1,400 from the collection of a note; the note collection has not yet been recorded by Fremont). What amount of deposits in transit should appear in the April 30 bank reconciliation? a. C. $

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

Fire Extinguisher Log Book

Authors: Arahan Khan

1st Edition

B09TZKR5Z4, 979-8428924282

More Books

Students also viewed these Accounting questions