Reference no: EM13531535
The cash records of Arora Company show the following.
For July:
1. The June 30 bank reconciliation indicated that deposits in transit total $580. During July, the general ledger account Cash shows deposits of $16,900, but the bank statement indicates that only $15,600 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding checks of $940. During the month of July, Arora Company books show that $17,500 of checks were issued, yet the bank statement showed that $16,400 of checks cleared the bank in July.
For September:
3. In September, deposits per bank statement totaled $25,900, deposits per books were $26,400, and deposits in transit at September 30 were $2,200.
4. In September, cash disbursements per books were $23,500, checks clearing the bank were $24,000, and outstanding checks at September 30 were $2,100. There were no bank debit or credit memoranda, and no errors were made by either the bank or Arora Company.
Instructions
Answer the following questions.
(a) In situation 1, what were the deposits in transit at July 31?
(b) In situation 2, what were the outstanding checks at July 31?
(c) In situation 3, what were the deposits in transit at August 31?
(d) In situation 4, what were the outstanding checks at August 31?
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