The cash records of Jasmin Company show the following four situations: 1) The Ju
ID: 2399146 • Letter: T
Question
The cash records of Jasmin Company show the following four situations:
1) The June 30 bank reconciliation indicated that deposits in transit total $2,110. During July the general ledger account Cash shows deposits of $23,620, but the bank statement indicates that only $23,400 in deposits were received during the month.
2) The June 30 bank reconciliation also reported outstanding checks of $1,250. During the month of July, Jasmin Company books show that $25,800 of checks were issued. The bank statement showed that $24,600 of checks cleared the bank in July.
3) In September, deposits per the bank statement totaled $40,100, deposits per books were $38,100, and deposits in transit at September 30 were $2,900.
4) In September, cash disbursements per books were $36,550, checks clearing the bank were $37,500, and outstanding checks at September 30 were $3,200.
There were no bank debit or credit memoranda. No errors were made by either the bank or Jasmin Company.
Answer the following questions
(a) In situation 1, what were the deposits in transit at July 31?
(b) In situation 2, what were the outstanding checks at July 31?
(c) In situation 3, what were the deposits in transit at August 31?
(d) In situation 4, what were the outstanding checks at August 31?
Use for answer (fill in the blanks)
(a) Deposits in transit:
Deposits per books in July........................
Less: Deposits per bank in July..................
Deposits in transit, June 30................
July receipts deposited in July.......................
Deposits in transit, July 30..............................
(b) Outstandidng checks
Checks per books in July................................
Less: Checks clearing bank in July................
Outstanding checks, June 30............
July checks cleared in July...........................
Outstanding checks, July 31.......................
(c) Deposits in transit
Deposits per bank statement in September..............
Add: deposits in transit, September 30.....................
Total deposits to be accounted for.............................
Less: Deposits per books.........................................
Deposits in transit, August 31..................................
(d) Outstanding checks
Checks clearing bank in September........
Add: Outstanding checks, September 30.........
Total checks to be accounted for...................
Less: Cash disbursements per books..............
Outstanding checks, August 31..............
Explanation / Answer
Req a: Deposits in transit at July: Deposits in transit at June 2110 Add: Deposits as per books 23620 Less: Deposits as per bank 23400 Deposit in transit at july end 2330 Req b: Outstanding checks at june end 1250 Add: checks issued as per books 25800 Less: Checks cleared as per bank 24600 Outstanding checks at july end 2450 Req c: Deposit in transit at Sep end 2900 Add: Deposits in bank 40100 Less: Deposits in books 38100 Deposit in transit at Aug end 4900 Req d: Outstanding chcks at Sep end 3200 Add: Checks cleared as per bank 37500 Less: Checks issued during the month 36550 Outstanding checks at Aug end 4150
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.