Question
records: Balance per bank Add: Deposits in transit Deduct: Outstanding cheques Balance per books April 30 Bank Reconciliation $7,460 1,590 (2,400) $6,650 Month of May
records:
Balance per bank
Add: Deposits in transit
Deduct: Outstanding cheques
Balance per books
April 30 Bank
Reconciliation
$7,460
1,590
(2,400)
$6,650
Month of May Results
Balance on May 31
May deposits
May cheques
May note collected (not included in May deposits)
May bank service charge
Per Bank
$8,285
4,680
4,480
1,035
40
Per Books
$9,430
6,000
3,220
Determine the amount of deposits in transit and outstanding cheques at May 31. Keep in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank.
S
Deposits in transit, May 31
$
Outstanding cheques, May 31
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Coping With Financial Accounting 1 For Senior Secondary Schools And Undergraduate Studies
Authors: Festus Chukwunwendu Akpotohwo ,Stella Alfred-Jaja Wellington-Igonibo ,Cletus Ogeibiri
1st Edition
3659611034, 978-3659611032
