The bookkeeper for Crane Manufacturing Ltd. was trying to determine what items w

Question

The bookkeeper for Crane Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2018, which was the company's first month of operations. The company's bank statement showed the following CRANE MANUFACTURING LTD. Bank Statement May 31 Amounts Deducted fronm Account (Debits) Amounts Added to Account (Credits) Description Balance 26,000 26,000 24,270 16,720 4,920 21,640 13,500 12,570 11,280 11,256 9,256 7,196 7,155 Date May 1 Deposit 1,730 7,550 3 Cheque, No. 001 5 Cheque, No. 002 15 Deposit 19 Cheque, No. 004 21 Cheque, No. 006 25 Returned cheque NSF, S. Gillis 25 NSF fee 27 Cheque, No. 009 28 Cheque, No. 010 31 Bank service charges 8,140 930 1,290 24 2,000 2,060 41 Crane's cash receipts summary (which were all deposited) and cheque summary (which were all mailed out to suppliers) for the month of May showed the following:

Explanation / Answer

Deposits in transit of May 31= $7930 Only $7930 has not been credited by bank

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