Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 6.2 (Total: 15 marks; 5 marks per part) Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information is
Question 6.2 (Total: 15 marks; 5 marks per part) Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information is available from the cash records: MARCH 31 BANK RECONCILIATION $26,746 Balance per bank 2,100 Add: Deposits in transit (3,800) Deduct: Outstanding cheques $25,046 Balance per books Per Bank Per Books Balance April 30 $27.995 $27,355 11.784 13,889 April deposits 11.100 10,080 April cheques 3,000 0 35 0 April note collected (not included in April deposits) April bank service charge April NSF cheque of a customer returned by the bank (recorded by bank as a charge) 900 0 Required 1. Calculate the following amounts at April 30: a. Deposits in transit b. Outstanding cheques 2. What is the April 30 adjusted cash balance? Show all work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started