Riverbed Corp, deposits all recelpts intact and makes all payments by cheque. The following information is avalable from the cash records: Question 15 of 16 Unknown environment 'tabular' (a) Determine the amount of deposits in transit and outstanding cheques at May 31. Keep in mind the time lag between deposits and 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. Deposits in transit: May 31 $2430Outstanding cheques, May 31 $1410Attempts: 0 of 1 used B. Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance. (List items that increase balance as per bank & books first.)Riverbed Corp.Bank Reconciliation May 31Balance per bank statement. May 31 VAddLessVDeposits in transitOutstanding chequesCorrect cash balance, May 31YVV1, 4108, 7552, 4309,775 $$Balance per books, May 31AddVCollection of noteLeSSBank service chargeVNSF cheque 9,0501,090540325i (365) Correct cash balance, May 31 Vi9, 775

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Riverbed Corp, deposits all recelpts intact and makes all payments by cheque. The following
information is avalable from the cash records: Question 15 of 16 Unknown environment
'tabular' (a) Determine the amount of deposits in transit and outstanding cheques at May 31.
Keep in mind the time lag between deposits and 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. Deposits in
transit: May 31 $2430Outstanding cheques, May 31 $1410Attempts: 0 of 1 used B. Prepare
a May 31 bank reconciliation showing balance per bank statement and balance per books
and correct cash balance. (List items that increase balance as per bank & books first.)Riverbed
Corp.Bank Reconciliation May 31Balance per bank statement. May 31 VAddLessVDeposits in
transitOutstanding chequesCorrect cash balance, May 31YVV1, 4108, 7552, 4309,775
$$Balance per books, May 31AddVCollection of noteLeSSBank service chargeVNSF cheque
9,0501,090540325i (365) Correct cash balance, May 31 Vi9, 775
Transcribed Image Text:Riverbed Corp, deposits all recelpts intact and makes all payments by cheque. The following information is avalable from the cash records: Question 15 of 16 Unknown environment 'tabular' (a) Determine the amount of deposits in transit and outstanding cheques at May 31. Keep in mind the time lag between deposits and Determine the amount of deposits in transit and outstanding cheques at May 31. Keep in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank. Deposits in transit: May 31 $2430Outstanding cheques, May 31 $1410Attempts: 0 of 1 used B. Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance. (List items that increase balance as per bank & books first.)Riverbed Corp.Bank Reconciliation May 31Balance per bank statement. May 31 VAddLessVDeposits in transitOutstanding chequesCorrect cash balance, May 31YVV1, 4108, 7552, 4309,775 $$Balance per books, May 31AddVCollection of noteLeSSBank service chargeVNSF cheque 9,0501,090540325i (365) Correct cash balance, May 31 Vi9, 775
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education