Reference no: EM132787135

The following data are presented by Globe Inc. concerning its Deposits in Transit and Outstanding Checks for the year month of December 2020:

December 1, 2020 - Deposits in Transit 200,000
December 1, 2020 - Outstanding Checks 300,000
December Total Debits per book 1,200,000
December Total Credits per book 2,400,000
December Total Debits per bank 2,000,000
December Total Credits per bank 1,000,000

The following reconciling items are also provided:

Reconciling Items                                       November                     December

Bank Service Charge                              10,000                          20,000
NSF Check                                           100,000                       100,000
Note Receivable Collected                      200,000                        300,000
Interest Earned                                     50,000                         60,000
Book error                                             150,000
Bank error                                                 200,000
NSF Check - redeposited by Globe customer 100,000

Note:

a. The book error refers to a check issued and drawn by Globe for 150,000 but recorded in the cash disbursements journal as 200,000.
b. The bank error refers to a note payable of Gloves Inc. charged to Globe Inc. account.
c. All reconciling items in November were recorded, adjusted, and cleared by Bank and Book on the month of December.

Required:

Problem 1: Based on the result of your audit, determine the following:

I. Total Deposits by Globe on the month of December
II. Total Deposits of Globe credited by bank on the month of December
III. Deposits in Transit on December 31, 2020
IV. Total Checks issued by Globe on the month of December
V. Total Checks debited by the bank on the month of December
VI. Outstanding Checks on December 31, 2020