Essay
The cash records of Sanders Company show the following:
1. In September, deposits per the bank statement totaled $37,600; deposits per books $39,000; and deposits in transit at September 30 were $4,300.
2. In September, cash disbursements per books were $36,500; checks clearing the bank were $37,800; and outstanding checks at September 30 were $2,500.
There were no bank debit or credit memoranda and no errors were made by either the bank or Sanders Company.
Answer the following questions:
(a) What were the deposits in transit at August 31?
(b) What were the outstanding checks at August 31?
Correct Answer:
Verified
Correct Answer:
Verified
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