Bank Reconciliation Components Identify the requested amount in each of the foll

Question

Bank Reconciliation Components Identify the requested amount in each of the following situations: a. Munsing Company's May 31 bank reconciliation shows deposits in transit of $2.100 The general ledger Cash in Bank account shows total cash receipts during june of $58.000. The June bank statement shows total cash deposits (and no credit memos) of $56.600. What amount of deposits in transit should appear in the june 30 bank reconciliation? b. Sandusky Company's August 31 bank reconciliation shows outstanding checks of $2.800. The general ledger Cash in Bank account shows total cash disbursements (all by check) during September of $51.000. The September bank statement shows checks clearing the bank in the amount of $49.900 What amount of outstanding checks should appear in the September 30 bank reconciliation? c. Fremont Corporation's March 31 bank reconciliation shows deposits in transit of $1,500. The general ledger Cash in Bank account shows total cash receipts during April of $38.700 The April bank statement shows total cash deposits of $37,800 üncluding $2.000 from the collection of a note: the note collection has not yet bee recorded by Fremont). What amount of deposits in transit should appear in the April 30 bank reconcillation? a. Check

Explanation / Answer

1) Solution: $3,500

Working: 58,000 + 2,100 - 56,600 = $3,500

?

2) Solution: $3,900

Working: 51,000 + 2,800 - 49,900 = $3,900

?

3) Solution: $4,400

Working: 38,700 + 1,500 + 2,000 - 37,800 = $4,400

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