Reference no: EM132708772
Question - Animalistic Corporation provided the following information:
Balance per bank statement - May 31 2,600,000
Deposits outstanding 300,000
Checks outstanding (100,000)
Correct bank balance - May 31 2,800,000
Balance per book - May 31 2,810,000
Bank service charge (10,000)
Correct book balance - May 31 2,800,000
June data are as follows:
Bank Book
Check recorded 2,200,000 2,500,000
Deposits recorded 1,600,000 1,800,000
Service charges recorded 50,000
Notes collected by bank, P 500,000 plus interest 550,000
NSF check returned with June 30 statement 100,000
Balances 2,400,000 2,100,000
Required -
1. What is the amount of outstanding checks on June 30?
2. What is the amount of deposit in transit on June 30?
3. What is the adjusted cash in bank on June 30?
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