Solution-Identify and list the deposits in transit

Identify and list the deposits in transit

Assignment Help Accounting Basics

Reference no: EM13875238

The September bank statement and cash T- account for Terrick Company follow:

There were no deposits in transit or outstanding checks at August 31.

Required:

1. Identify and list the deposits in transit at the end of September.

2. Identify and list the outstanding checks at the end of September.

3. Prepare bank reconciliation for September.

4. Give any journal entries that the company should make as a result of the bank reconciliation.

5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?

6. If the company also has $ 200 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the September 30 balance sheet?

Reference no: EM13875238

Questions Cloud

Lower than the standardized rate on futures contract : "A Treasury bond futures contract settled at 97'16." Calculate the present value of one futures contract? Are current market interest rates higher or lower than the standardized rate on a futures contract? Explain.

What do we know about global warming : What do we know about global warming? What may be the impacts of global climate change? These issues will be addressed in this assignment.

Policy implementation mental illness : Policy Implementation Mental Illness

Analysis period and no salvage value : A steam boiler is needed as part of the design of a new plant. The boiler can be fired by natural gas, fuel oil, or coal. A decision must be made on which fuel to use. An analysis of the costs shows that the installed cost, with all controls, would b..

Identify and list the deposits in transit : Identify and list the deposits in transit at the end of September. Identify and list the outstanding checks at the end of September. Prepare bank reconciliation for September. Give any journal entries that the company should make as a result of the b..

Buying taxis with diesel engines instead of gasoline engines : A suburban taxi company is considering buying taxis with diesel engines instead of gasoline engines. The cars average 50,000 km a year. Use an annual cash flow analysis to determine the more economical choice if interest is 6%

Determining the mass of the rocket : A 0.2-lb model rocket is launched vertically from rest at time t = 0 with a constant thrust of 2 lb for one second and no thrust for t > 1 s. Neglecting air resistance and the decrease in mass of the rocket, determine

Fasb enter into with the iasb : What agreement did the FASB enter into with the IASB? Why did it enter into this agreement?

Find an average price earnings ratio for the food industry : Find an average price/earnings (P/E) ratio for the specialty retail food industry. (Note: you cannot do this for Kudler as you do not have the firm's current market stock price.) Find an average price/earnings (P/E) ratio for the food retail indust..

User Account

All Pages

Identify and list the deposits in transit

Reference no: EM13875238

Reference no: EM13875238

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT