50.1K

Verified Solution

Link Copied!

1 The cash records of Culver Company show the following For July The June 30 bank reconciliation indicated that deposits in transit total $766. During July, the general ledger account Cash shows deposits of $16,010, but the bank statement indicates that only $15,780 in deposits were received during the month. 2 The June 30 bank reconciliation also reported outstanding checks of $691. During the month of July, Culver Company's books show that $17,960 of checks were issued, yet the bank statement shows that $16,970 of checks cleared the bank in July, For September: in September, deposits per the bank statement totaled $26,300, deposits per the books were $27,680, and deposits in transit at September 30 were $2,190. In September, cash disbursements per the books were $23,790, checks clearing the bank were $25,100, and outstanding checks at September 30 were $2,130. 3 4 There were no bank debit or credit memoranda, and no errors were made by either the bank or Culver Company Answer the following questions (a) In situation (1), what were the deposits in transit at July 31? Deposits in transit at July 31 $ (b) In situation (2). what were the outstanding checks at July 317 Outstanding checks at July 31 (c) In situation (3), what were the deposits in transitat August 31? Deposits in transit at August 31 $ (d) In situation (4), what were the outstanding checks at August 317 Outstanding checks at August 31 $

Answer & Explanation Solved by verified expert

See Answer