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3 years ago

The cash records of Downs Company show the following.

Business

1 answer:

Salsk061 [2.6K]3 years ago

6 0

Answer:

A. $1,880

B. $2,040

C. $1,700

D. $1,600

Explanation:

A. Calculation to determine the deposits in transit at July 31

Deposit in transit at July 31 = $580 + $16,900 - $15,600

Deposit in transit at July 31 = $1,880

Therefore Deposit in transit at July 31 will be $1,880

B. Calculation to determine the outstanding checks at July 31

Outstanding check on July 31 = $940 + $17,500 - $16,400

Outstanding check on July 31 =$2,040

Therefore Outstanding check on July 31 wi be $2,040

C. Calculation to determine the deposits in transit at August 31

Deposit in transit on August 31 = $25,900 + $2,200 - $26,400

Deposits in transit at August 31= $1,700

Therefore Deposits in transit at August 31 will be $1,700

D. Calculation to determine the outstanding checks at August 31

Outstanding checks at August 31=$23,500+$2,100-$24,000

Outstanding checks at August 31=$1,600

Therefore Outstanding checks at August 31 will be $1,600

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Date Account Titles Ref. Debit ($) Credit ($)

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