Question

Items Included on the GL/Books of the T-Corp for the Month were as follows;

1. Ending GL Balance at January 31 was $200,000

2.Checks written from our GL account were #124=$42,000, #125=$55,000, #126=$26,000, #127=$22,000

3. Deposits made during the month were Jan 15th for $51,000, Jan 28th for $18,000, and on Jan 31st for $12,000.

Items Included on the Bank statement for the Month were as follows;

1.Ending Bank balance at January 31 was $207,000.

2.Interest Earned during the month was $1,000 and Monthly Bank Fees were $5,000

3.Checks that were paid and cleared by the bank During January were; #124=$42,000, #126=$62,000.

4.Deposits recorded by the bank included the following; Jan 16th for $51,000.

a) Compute the Ending Adjusted “GL Balance” and the Adjusted “Bank Balance” as of January 31-st

b) Compute the Total of All Outstanding Checks at January 31-st.

c) Compute the Total of all Deposits in Transit at January 31-st.

d) Compute the Ending Cash Balance in the General Ledger Cash Account after all Adjustments have been made.

Answer 1