June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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EXERCISE 7-6
| Purpose: | (L.O. 7) This exercise will illustrate how to determine the amount of deposits in transit and outstanding checks at a given date. |
Shown below for Molly's Folly are the
- (1) bank reconciliation at September 30, 2014.
- (2) listing of deposits for October per the bank statement.
- (3) listing of deposits for October per the books.
- (4) listing of checks paid by the bank during October.
- (5) listing of checks written by the depositor during October.
Molly's Folly
BANK RECONCILIATION
September 30, 2014
Bank Statement for October—Deposits
Cash Receipts Journal
Bank Statement for October—Checks Paid and Debit Memos
Cash Payments Journal—Checks Issued
Instructions
- (a) Prepare a list of deposits in transit at October 31, 2014.
- (b) Prepare a list of outstanding checks at October 31, 2014.
- (c) Locate any errors per books assuming information recorded in the bank's records is correct.
- (d) Locate any bank memoranda that will need to be recorded on the books.
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