Calculate the amount of the deposit in transit

Assignment Help Financial Accounting

Reference no: EM13793216

At June 30, 2004, the cash account in the general ledger of XYZ Company shows a balance of $16,200.

The June 30 bank statement; however, shows a balance of $19,025. The only reconciling items consist of:

• Bank service charges of $12

• Outstanding checks totaling $4,800

• NSF check from customer in the amount of $228

• Error in recording check #970 written by XYZ Company to pay for utilities; the check was written for $458 but was recorded in XYZ Company's accounting records as having been written for $588

• A deposit in transit

Calculate the amount of the deposit in transit. Do not use decimals in your answer

Reference no: EM13793216

Questions Cloud

Advantage of using computer-assisted audit techniques : A primary advantage of using computer-assisted audit techniques (CAATs) packages to audit the financial statements of a client that uses computerized information systems is that the auditor may

Calculate average total assets-net income-roi and roe : Calculate average total assets, net income, roi, roe. Firm M has a margin of 9% , turnover of 1.6, sales of $800,000 and average stockholders’ equity of $360,000. Calculate Firm M's average total assets, net income, ROI and ROE

Calculate the amount of bad debt expense recorded : At January 1, 2002, Betty DeRose, Inc. had an allowance for bad debts with a $4,500 credit balance. During 2002, Betty wrote-off as uncollectible accounts receivable in the amount of $5,200. Betty prepared the following aging schedule at December 31,..

Compliance with planning and supervision provision of GAAS : Auditor's record of compliance with the planning and supervision provision of GAAS

Calculate the amount of the deposit in transit : At June 30, 2004, the cash account in the general ledger of XYZ Company shows a balance of $16,200. The June 30 bank statement; however, shows a balance of $19,025. The only reconciling items consist of: Calculate the amount of the deposit in transit..

Prepare bank reconciliation for rawlins company : Cash on the books as of April 30 was $499. Cash as shown on the bank statement for the same date was $1,330. A deposit of $160, representing cash receipts as of April 30, did not appear on the bank statement. Prepare bank reconciliation for Rawlins C..

Credit terms-credit customers : Charlet Company offers credit terms of 4/15, n/60 to its credit customers. Rutherford Corporation purchased 20 office chairs with a list price of $200 each from Charlet on July 5, 2005. Rutherford paid the invoice for its purchase on July 13, 2005.

Determine the present value-compounded annually : Determine the present value of $67,000 to be received in one year, at 6% compounded annually (rounded to nearest dollar).

What is the total stockholders equity based on the data : What is the total stockholders' equity based on the following data?

User Account

All Pages