Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(TCO F) Northville Paper and Paint deposits all receipts and makes all payments by check. The following information is available from the cash records. April

(TCO F) Northville Paper and Paint deposits all receipts and makes all payments by check. The following information is available from the cash records. April 30 BANK RECONCILIATION Balance per bank $26,746 Add: Deposits in transit 2,100 Deduct: Outstanding checks (3,800) Balance per books $25,046 Month of May Results Per Bank Per Books Balance May 31 $27,995 $24,355 May deposits 10,000 12,889 May checks 11,100 16,080 May note collected 3,000 -0- (not included in April deposits) May bank service charge 35 -0- May NSF check of a customer 900 -0- returned by the bank (recorded by bank as a charge) Calculate the following amounts. (1) Deposits in transit on May 31 (2) Outstanding checks on May 31

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

Internal Auditing Principles And Techniques

Authors: Richard L. Ratliff, W. Wallace, Walter B. Mcfarland, J. Loeboecke

2nd Edition

0894133268, 978-0894133268

More Books

Students also viewed these Accounting questions