Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The cash records of Crane Inc. show the following situations: Deposits in transit: The June 3 0 bank reconciliation indicated that deposits in transit total

The cash records of Crane Inc. show the following situations:
Deposits in transit:
The June 30 bank reconciliation indicated that deposits in transit total $2,080. During July, the general led account
shows deposits of $15,400, but the bank statement indicates that $16,500 in deposits were received during the month.
In August, deposits per bank statement totalled $23,400 and deposits per books were $23,840.
Outstanding cheques:
The June 30 bank reconciliation reported outstanding cheques of $580. During July, the Crane books showed that $18,880 of
cheques were issued. The bank statement showed that $17,840 of cheques cleared the bank in July.
In August, cheques issued were $23,560 and cheques clearing the bank were $24,460.
(a)
What were the deposits in transit at July 31 and at August 31?
Attempts: 0 of 3 used
(b)
image text in transcribed

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

Money Laundering Prevention Deterring Detecting And Resolving Financial Fraud

Authors: Jonathan E. Turner

1st Edition

0470874759, 978-0470874752

More Books

Students also viewed these Accounting questions

Question

Are my points each supported by at least two subpoints?

Answered: 1 week ago