HW 7 ACC

Term
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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.
In situation (1), what were the deposits in transit at July 31?
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Terms in this set (17)
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.
In situation (1), what were the deposits in transit at July 31?
Deposits in transit July 31= 2330
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.
In situation (2), what were the outstanding checks at July 31?
Outstanding checks at July 31= 2450
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.
In situation (3), what were the deposits in transit at August 31?
Deposits in transit at August 31=4900
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.
In situation (4), what were the outstanding checks at August 31?
Outstanding checks at August 31=4150
Outstanding checks.
Deduct from cash balance per bank
Bank Service charge
Deduct from cash balance per books
Check for $420 correctly written and paid by the bank but incorrectly entered in the cash payments journal for $240.
Deduct from cash balance per books
Deposit in transit
added to cash balance per bank
Bank returns deposited check marked NSF.
Deduct from cash balance per books
Bank debit memorandum for check printing fees.
Deduct from cash balance per books
Petty cash custodian has $91 in paid petty cash vouchers that have not been reimbursed.Does not affect the bank reconciliationBank charged a check against the company which should have been charged to another company.Add to cash balance per bankA check for $246 was correctly paid by the bank but was incorrectly entered in the cash payments journal for $264.Add to cash balance per booksOne of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized use.TrueOne of the objectives of internal control is to enhance the accuracy and reliability of the accounting records.TrueNo laws require U.S. corporations to maintain an adequate system of internal control.FalseAt August 31, Monty Corp. has a cash balance per books of $7,870 and the following additional data from the bank statement: charge for printing Monty Corp. checks $60 and interest earned on checking account balance $46. In addition, Monty Corp. has outstanding checks of $830. Determine the adjusted cash balance per books at August 31.7856