nybusinesscourse.conplatiom/d 12 Menu Bank Reconciliation Components Identify th

Question

nybusinesscourse.conplatiom/d 12 Menu Bank Reconciliation Components Identify the requested amount in each of the following situations a. Munsing Company's May 31 bank reconciliation shows deposits in transit of $1,900 The general ledger Cash in Bank account shows total cash recepts during june of $57.800 The lune bank statement shows total cash deposits (and no credit memos) of $56,400. What amount of deposits in transit should appear in the june 30 bank reconciliation? b. Sandusky Company's August 31 bank reconciliation shows outstanding checks of $2,600 The general ledger Cash in Bank account shows total cash disbursements (all by check) during September of $50,800. The September bank statement shows checks clearing the bank in the amount of $49,700. What amount of outstanding checks should appear in the September 30 bank reconciliation? c. Fremont Corporation's March 31 bank reconciliation shows deposits in transit of $1,300 The general ledger Cash in Bank account shows total cash receipts during April of $38,500 The April bank statement shows total cash deposits of $37,600 (including $1,800 from the collection of a note; the note collection has not yet been recorded by Fremont What amount of deposits in transit should appear in the Apri 30 bank reconcilation b. Previous page x3N1 ? ousesysrc break prt sc 17

Explanation / Answer

Req a: Deposits in transit in Beginning 1900 Add: Deposits in June 57800 Less: Deposits recorded in bank statement in June 56400 Deposits in transit in June end 3300 Req b: Outstanding checks in Sep beginning 2600 Add: Checks written for disbursement in Sep 50800 Less: Checks cleared in bank statement 49700 Outstanding checks in Sep beginning 3700 Req c: Deposits in transit in Beginning 1300 Add: Deposits in April 38500 Less: Deposits recorded in bank statement in April 35800 Deposits in transit in April end 4000

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