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Information in Cash Records for Ankors Inc.

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Ankors Inc shows the following information in its cash records:

June 30th bank reconciliation:

Balance per bank $26,746
Add deposits in transit 2,100
Deduct outstanding checks (3,800)
Balance per books $25,046

Month of July information:

Per Bank Per Books
Balance July 31 27,995 28,855
July Deposits 10,784 13,889
July Checks 11,600 10,080
Note collected (not in deposits) 3,000 -0-
Service Charge 35 -0-
NSF check returned by bank 900

Instructions:
a. Calculate July 31 Deposits in transit
b. Calculate July 31 outstanding checks
c. Calculate the July 31 adjusted cash balance and record all necessary journal entries.

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ANSWERS
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Question A
13889 - (10784-2100) = 5205

Question B
10080 - ...

Solution Summary

The solution shows information in its cash records for Ankors Inc.

$2.19