Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saturn Company deposits all receipts daily and makes all payments by cheque. The following information is available from the cash records of Saturn in the

image text in transcribed

Saturn Company deposits all receipts daily and makes all payments by cheque. The following information is available from the cash records of Saturn in the month of April, its first month of operations: Month of April Results Per Bank Per Books Balance April 30. $42,000 $42,140 April deposits recorded.. 11,200 17,300 April cheques recorded 12,010 14,320 Items on bank statement but not in books: Note collected by bank 5,500 Bank service charge... 50 Customer's NSF cheque returned by the bank 1,800 -0- -0- -0- . Instructions a) Calculate the amount of the April 30: 1. Deposits in transit (2 marks) 2. Outstanding cheques. (2 marks) Deposits in transit: Outstanding cheques: b) What is the April 30 adjusted cash balance for Saturn? Show all work. / c) Prepare any necessary journal entries by Saturn

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

Auditing

Authors: Karla M. Johnstone, Audrey A. Gramling, Larry E. Rittenberg

8th International Edition

0538477660, 978-0538477666

More Books

Students also viewed these Accounting questions