Is it odd that a deposit in transit account is larger than the cash balance account...
Is it odd that a deposit in transit account is larger than the cash balance account for Kroger?
Homework Answers
The balance of cash account at the end of the accounting period already includes the total amount of deposit in transit. That is why an adjustment for deposit in transit is made on the bank side of the bank reconciliation. Therefore, deposit in transit cannot be larger than the balance cash account.
If you are preparing a bank reconciliation and the deposit in transit is coming to be larger than the balance of cash account, there is certainly some error.
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Is it odd that a deposit in transit account is larger than the
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The Cash account of Safe and Secure Security Systems reported a balance of $2,560 at December...
The Cash account of Safe and Secure Security Systems reported a balance of $2,560 at December 31, 2018. There were outstanding checks totaling $1,300 and a December 31 deposit in transit of $300. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,250. Included in the bank balance was a collection of $700 on account from Sally Jones, a Safe and Secure customer who pays the bank directly. The bank statement also shows a...
SLLALTUnenens Exercise 7-9 This information relates to the Cash account in the ledger of Oriole Company Balance S...
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What is Navarro's adjusted cash balance?
Lanny Company's cash account shows an ending balance of $770. The bank statement shows a $20 service charge and an NSF check for $100. A $250 deposit is in transit, and outstanding checks total $400. What is Navarro's adjusted cash balance?a. $1,050b. $650c. $680d. $530e. none of the above
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The information below relates to the Cash account in the ledger of Crane Company. Balance September 1-$17,000; Balance September 30-$17,604; Cash deposited $64,000. Checks written-$63,396. The September bank statement shows a balance of $16,622 on September 30 and the following memoranda. Credits Collection of $1,595 note plus interest $35 Interest earned on checking account $1,630 $50 Debits NSF check: Richard Nance Safety deposit box rent $525 $70 At September 30, deposits in transit were $4,550, and outstanding checks totaled $2,483...
The information below relates to the Cash account in the ledger of Oriole Company. Balance September...
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See all photos + Add to If a bank reconciliation included a deposit in transit of...
See all photos + Add to If a bank reconciliation included a deposit in transit of $770, the company's journal entry for this reconciling Item would include: Multiple Choice Ο a credit to accounts receivable for $770. Ο nothing, because the deposit has already been recorded. Ο a debit to cash of $770. Ο a credit to cash of $770.
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized).
The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The May 31 bank statement and the May T-account for cash (summarized).Martin Company's bank reconciliation at the end of April showed a cash balance of $19,700. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. 3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account...
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance accord...
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Using the following information: The bank statement balance is $5,550. The cash account balance is $5,720....
Using the following information: The bank statement balance is $5,550. The cash account balance is $5,720. Outstanding checks amounted to $875. Deposits in transit are $1,002. The bank service charge is $34. A check for $43 for supplies was recorded as $34 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement$ Adjustments: Deposits in transit not recorded by bank $ Outstanding checks Total adjustments...
The Cash account of Safe and Secure Security Systems reported a balance of $2,560 at December 31, 2018. There were outstanding checks totaling $1,300 and a December 31 deposit in transit of $300. The bank statement, which came from Park Cities Bank, listed the December 31 balance of $4,250. Included in the bank balance was a collection of $700 on account from Sally Jones, a Safe and Secure customer who pays the bank directly. The bank statement also shows a...
SLLALTUnenens Exercise 7-9 This information relates to the Cash account in the ledger of Oriole Company Balance September 1-$20,570; Cash deposited-$64,000 Balance September 30-$21,770; Checks written-$62,800 The September bank statement shows a balance of $20,670 at September 30 and the following memoranda. Credits Collection of electronic funds transfer Debits NSF check: H. Kane $2,400 $1,130 Interest earned on checking account 60 Safety deposit box rent 75 At September 30, deposits in transit were $5,323 and outstanding checks totaled $2,968. Prepare...
The information below relates to the Cash account in the ledger of Crane Company. Balance September 1-$17,000; Balance September 30-$17,604; Cash deposited $64,000. Checks written-$63,396. The September bank statement shows a balance of $16,622 on September 30 and the following memoranda. Credits Collection of $1,595 note plus interest $35 Interest earned on checking account $1,630 $50 Debits NSF check: Richard Nance Safety deposit box rent $525 $70 At September 30, deposits in transit were $4,550, and outstanding checks totaled $2,483...
The information below relates to the Cash account in the ledger of Oriole Company. Balance September 1-$17,400; Cash deposited-$64,410. Balance September 30-$17,744; Checks written-$64,066. The September bank statement shows a balance of $16,762 on September 30 and the following memoranda. Credits Debits Collection of $1,660 note plus interest $40 $1,700 NSF check: Richard Nance $595 Interest earned on checking account $55 Safety deposit box rent $75 At September 30, deposits in transit were $4,620, and outstanding checks totaled $2,553. Prepare...
See all photos + Add to If a bank reconciliation included a deposit in transit of $770, the company's journal entry for this reconciling Item would include: Multiple Choice Ο a credit to accounts receivable for $770. Ο nothing, because the deposit has already been recorded. Ο a debit to cash of $770. Ο a credit to cash of $770.
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