June 30 Bank Reconciliation $15,386 3,385 (4,396 ) $14,375 Month of July Results
ID: 2479879 • Letter: J
Question
June 30 Bank Reconciliation
$15,386
3,385
(4,396
)
$14,375
Month of July Results
Per Bank
Per Books
Need to know how to find the deposits in transit and outstanding checks
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.June 30 Bank Reconciliation
Balance per bank$15,386
Add: Deposits in transit3,385
Deduct: Outstanding checks(4,396
)
Balance per books$14,375
Month of July Results
Per Bank
Per Books
Balance July 31 $19,013 $20,331 July deposits 9,891 12,770 July checks 8,792 6,814 July note collected (not included in July deposits) 3,297 July bank service charge 33 July NSF check from a customer, returned by the bank (recorded by bank as a charge) 736Explanation / Answer
Month of July Details Per Bank Per book July Deposits 9,891.00 12,770.00 Less Deposit in transit June 30 (3,385) - Net Deposit related to July only 6,506 12,770 So Deposit in Transit on Jul 31.=12770-6506= 6,264 July Checks 8,792 6,814 Less Outsanding Checks Jun 30. (4,396) - Net Checks issued only in July = 4,396 6,814 Outstanding Checks on Jul 31.=6814-4396= 2,418