Ask Question
15 December, 16:34

The cash records of Oriole Company show the following. For July: 1. The June 30 bank reconciliation indicated that deposits in transit total $690. During July, the general ledger account Cash shows deposits of $17,970, but the bank statement indicates that only $15,770 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $930. During the month of July, Oriole Company books show that $19,160 of checks were issued, yet the bank statement showed that $16,800 of checks cleared the bank in July. For September: 3. In September, deposits per bank statement totaled $26,750, deposits per books were $26,340, and deposits in transit at September 30 were $2,810. 4. In September, cash disbursements per books were $23,030, checks clearing the bank were $24,370, and outstanding checks at September 30 were $2,44

+4
Answers (1)
  1. 15 December, 19:24
    0
    a. Deposit in Transit at July 31 = Deposit in Transit, June 30 + Deposit as per Cash Book - Deposits as per Bank Book

    = $690 + $17,970 - $15,770

    = $2,890

    b. Outstanding Checks at July 31 = Outstanding Checks at June 30 + Checks issued as per Cash Book - Checks cleared as per Bank Book

    = $930 + $19,160 - $16,800

    = $3,290

    c. Deposits in Transit at August 31 = Deposits as per Bank Statement - Deposits as pr Books + Deposits in Transit, September 30

    = $26,750 - $26,340 + $2,810

    = $3,220

    d. Outstanding Checks at August 31 = Checks cleared by Bank - Cash Disbursements as per Books + Outstanding Checks, September 30

    = $24,370 - $23,030 + $2,440

    = $3,780
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The cash records of Oriole Company show the following. For July: 1. The June 30 bank reconciliation indicated that deposits in transit ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers