Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. emerge solutions company deposits all receipts and

Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information...

90.2K

Verified Solution

Question

Accounting

Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information is available from the cash records:
MARCH 31 BANK RECONCILIATION
Balance per bank
$26,746
Add: Deposits in transit
2,100
Deduct: Outstanding cheques
(3,800)
Balance per books
$25,046
Month of April Results
Per Bank
Per Books
Balance April 30
$27,995
$27,355
April deposits
11,784
13,889
April cheques
11,100
10,080
April note collected (not included in April deposits)
3,000
0
April bank service charge
35
0
April NSF cheque of a customer returned by the bank (recorded by bank as a charge)
900
0
Required
1. Calculate the following amounts at April 30:
a. Deposits in transit
b. Outstanding cheques
2. What is the April 30 adjusted cash balance? Show all work.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Generate more examples of issues that our society has ceased to complain about. Your list should...

Psychology
Q

A satellite of mass m is in a circular orbit of radius 2R about the...

Physics
Q

1 05 03 05 04 HC Triangle AABC has side lengths of a 18 b...

Algebra
Q

Required information Problem 10-47 Comprehensive Problem on Variance Analysis (LO 10-1, 10-3, 10-6) The following...

Accounting
Q

In determining the cash flows from operating activities for the statement of cash flows by...

Accounting
Q

Which of the following is not a significant date with respect to dividends? Select one:...

Accounting
Q

Consider the following transactions for BigGuy Tays: O (Click the icon to view the transactions.)...

Accounting
Q

Williams Company began operations in January 2019 with two operating (selling) departments and one service...

Accounting
Q

The inventory records for Radford Company reflected the following: Beginning inventory @ May 1. 1,700...

Accounting
Q

Required information [The following information applies to the questions displayed below.) Ravenna Company is a...

Accounting
Q

On June 17, 2017, Kerak Inc. writes a 60-day, 6%, $40,000 note to settle an...

Accounting
Q

13-12 (Degree of operating leverage-base level) A firm has fixed operating costs of $800000, a...

Accounting