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Problem - Patry Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records:
April 30 Bank Reconciliation
Balance per bank
$7,120
Add: Deposits in transit
1,540
Deduct: Outstanding cheques
(2,000)
Balance per books
$6,660
Month of May Results
Per Bank
Per Books
Balance on May 31
$7,760
$10,570
May deposits
5,000
5,810
May cheques
4,000
3,100
May note collected (not included in May deposits)
900
-
May bank service charge
25
May NSF cheque from a customer, returned by the bank (recorded by the bank as a charge)
235
Required -
a. Determine the amount of deposits in transit and outstanding cheques at May 31. Keep in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank.
b. Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance.
c. Prepare the journal entry or entries to correct the Cash account at May 31.
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