Question

No handwritings

ank Reconciliation Components Identify the requested amount in each of the following situations: LO5 Munsing Company's May 31 bank reconciliation shows deposits in transit of $1,200. The gen eral ledger Cash in Bank account shows total cash receipts during June of $55,600. The June bank statement shows total cash deposits of $54,300 (and no credit memos). What amount of deposits in transit should appear in the June 30 bank reconciliation? Sandusky Company's August 31 bank reconciliation shows outstanding checks of $1,900. The general ledger Cash in Bank account shows total cash disbursements (all by check) during Sep- tember of $49,800. The September bank statement shows $49.200 of checks clearing the bank. What amount of outstanding checks should appear in the September 30 bank reconciliation? Fremont Corporation's March 31 bank reconciliation shows deposits in transit of $700. The general ledger Cash in Bank account shows total cash receipts during April of $41,000. The April bank statement shows total cash deposits of $37,100 (including $1,100 from the col- lection of a note; the note collection h deposits in transit should appear in the April 30 bank reconciliation? b. c. as not yet been recorded by Fremont). What amount of

Answer 1

Req a:
Deposits in transit in beginning				1200
Add: Deposits made during the year				55600
less: Depositsn reflecting in bank statement				-54300
Deposits in transit at the end				2500
Req b:
Outstanding checks in beginning				1900
Add: Checks issued				49800
Less: Checks cleared in bank				-49200
Outstanding checks at end				2500
Req c:
Deposits in transit in beginning				700
Add: Deposits made during the year				41000
less: Depositsn reflecting in bank statement				-36000	(37100-1100)
Deposits in transit at the end				5700
Note: Receipts from note collection included in bank deposits shall be excluded while computing the deposits reflecting in bank statement.