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The cash records of Givens Company show the follow...

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The cash records of Givens Company show the following four situations. The June 30 bank reconciliation indicated that deposits in transit total $720. During July the general ledger account Cash shows deposits of $15,750, but the bank statement indicates that only $15,600 in deposits were received during the month. The June 30 bank reconciliation also reported outstanding checks of $680. During the month of July, Givens Company books show that $17,200 of checks were issued. The bank statement showed that $16,400 of checks cleared the bank in July. In September, deposits per the bank statement totaled $26,700, deposits per books were $25,400, and deposits in transit at September 30 were $2,100. In September, cash disbursements per books were $23,700, checks clearing the bank were $25,000, and outstanding checks at September 30 were $2,100. There were no bank debit or credit memoranda. No errors were made by either the bank or Givens Company. Instructions Answer the following questions. In situation (1), what were the deposits in transit at July 31? $ In situation (2), what were the outstanding checks at July 31? $ In situation (3), what were the deposits in transit at August 31? $ In situation (4), what were the outstanding checks at August 31?,I can not open the attached document. Please provide in Excel format. Thank you.,Thank you. Have a great day,Situation 1 came back as $900 as the deposits came back as incorrect. Can you please provide clarification and show how to find the solution? Thank you,thank you,The explanation came back as incorrect still. This is what the solution provided: (a) Deposits in transit: Deposits per book in July $15,750 Less: Deposits per bank in July $15,600 Deposits in transit, June 30 (720) July receipts deposited in July 14,880 Deposits in transit $ 870

 

Paper#9406 | Written in 18-Jul-2015

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