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