Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 7 - Fraud, Internal Control, and Cash - Exercises: E7-10

Answer

1) Deposit on Transit on June 30 - 750 dollars Deposit in Transit on July 31 - 2,050 dollars 2) Outstanding checks on June 30 - 940 dollars Deposit in Transit on July 31 - 2,040 dollars 3) Deposit on Transit on August 31 - 1,700 dollars Deposit in Transit on September 30 - 2,200 dollars 4) Outstanding checks on August 31 - 2,400 dollars Deposit in Transit on September 30 - 2,100 dollars

Work Step by Step

1) Add: Deposit for the month 16,900 dollars Less: Deposit as per bank statement 15,600 dollars 2) Add: Checks issued during the month 17,500 dollars Less: Checks cleared as per bank statement 16,400 dollars 3) Add: Deposit for the month 26,400 dollars Less: Deposit as per bank statement 25,900 dollars 4) Add: Checks issued during the month 23,700 dollars Less: Checks cleared as per bank statement 16,400 dollars
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.