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In: Accounting

The following information is taken from the cash records of Grouper Delivery Services: 1 The June...

The following information is taken from the cash records of Grouper Delivery Services:
1 The June cash receipts journal recorded $98,620 of deposits made in June.
2 The June bank statement showed total credits (deposits) of $94,500 in June.
3 At May 31, the bank reconciliation showed deposits in transit of $3,530.
4 The June bank statement shows an ending balance of $25,316.
5 At May 31, the bank reconciliation showed outstanding cheques of $14,180.
6 The June general ledger, after all adjusting entries have been made, show total cheques of $103,322.
7 The June bank statement shows total cheques cleared of $104,450.
Calculate the amount of deposits in transit at June 30.
Deposits in transit, June 30 $
Calculate the amount of outstanding cheques at June 30.
Outstanding cheques, June 30 $
Assuming that the bank has made no errors, calculate the ending general ledger balance after all June adjustments have been made.
Adjusted balance $

Solutions

Expert Solution

Deposit in transit June 30              7,650
Cash deposit as per ledger           98,620
Less: cash dep. As per bank         (94,500)
Add: Beg. Deposit in transit              3,530
Total deposit in transit              7,650
Outstanding check at June 30           13,052
Checks issued as per ledger         103,322
Less: check cleared as per bank       (104,450)
Add: Beg. Outstanding check           14,180
Outstanding check at June 30           13,052
June Bank Balance-Ending           25,316
Add: Deposit in transit              7,650
Less: Outstanding check         (13,052)
Adjusted balance           19,914

ekkarill92 answered 2 years ago
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