Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information...
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Accounting
Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information is available from the cash records:
MARCH 31 BANK RECONCILIATION
| Balance per bank | $35,160 |
| Add: Deposits in transit | 4,200 |
| Deduct: Outstanding cheques | (3,200) |
| Balance per books | $36,160 |
The month of April Results
| Per Bank | Per Books | |
| Balance April 30 | $38,000 | $42,140 |
| April deposits recorded | 11,200 | 17,300 |
| April cheques recorded | 12,010 | 11,320 |
| Items on bank statement but not in books: | ||
| Note collected by bank | 5,500 | -0- |
| Bank service charge | 50 | -0- |
| Customer's NSF cheque returned by the bank | 1,800 | -0- |
Required
1. Calculate the amount of the April 30:
a. Deposits in transit
b. Outstanding cheques
2. What is the April 30 adjusted cash balance? Show all work.
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