Reference no: EM132793231
Question - Sunland Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records:
MARCH 31 BANK RECONCILIATION:
Balance per bank $63,600
Add: Deposits in transit 5,040
Deduct: Outstanding checks (9,120)
Balance per books $59,520
Month of April Results
Per Bank Per Books
Balance April 30 $67,200 $66,000
April deposits 28,800 33,600
April checks 26,640 24,000
April note collected (not included in April deposits) 7,200 -0-
April bank service charge 76 -0-
April NSF check of a customer returned by the bank (recorded by bank as a charge) 2,160 -0-
Required -
1. Calculate the amount of the April 30:
a. Deposits in transit
b. Outstanding checks
2. What is the April 30 adjusted cash balance?
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