Question
Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information is...
Emerge Solutions Company deposits all receipts and makes all
payments by cheque. The following information is available from the
cash records:
MARCH 31 BANK RECONCILIATION
Balance per bank
$26,746
Add: Deposits in transit
2,100
Deduct: Outstanding cheques
(3,800)
Balance per books
$25,046
Month of April Results
Per Bank
Per Books
Balance April 30
$27,995
$27,355
April deposits
11,784
13,889
April cheques
11,100
10,080
April note collected (not included in April deposits)
3,000
0
April bank service charge
35
0
April NSF cheque of a customer returned by the bank (recorded
by bank as a charge)
900
0
Required
1. Calculate the following amounts at April 30:
a. Deposits in transit
b. Outstanding cheques
2. What is the April 30 adjusted cash balance? Show all
work.
Homework Answers
Answer #1
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Emerge Solutions Company deposits all receipts and makes all
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Add: Deposits in transit
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