The cash records of Flint Company show the following. For July:
1. The June 30 bank reconciliation indicated that deposits in transit total $746. During July, the general ledger account Cash shows deposits of $15,940, but the bank statement indicates that only $15,740 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding checks of $691. During the month of July, Flint Company’s books show that $18,120 of checks were issued, yet the bank statement shows that $16,730 of checks cleared the bank in July.
For September:
3. In September, deposits per the bank statement totaled $26,310, deposits per the books were $27,280, and deposits in transit at September 30 were $2,300.
4. In September, cash disbursements per the books were $23,960, checks clearing the bank were $25,300, and outstanding checks at September 30 were $2,580.
There were no bank debit or credit memoranda, and no errors were made by either the bank or Flint Company.
(a) In situation 1, what were the deposits in transit at July 31?
(b) In situation 2, what were the outstanding checks at July 31?
(c) In situation 3, what were the deposits in transit at August 31?
(d) In situation 4, what were the outstanding checks at August 31?
Answers: 1
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The cash records of Flint Company show the following. For July:
1. The June 30 bank reconciliation...
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