The Records of Topper

Essay

The records of Topper. Ltd. show the following: 1. In February, deposits per the bank statement totaled $18,850; deposits per books $19,500; and deposits in transit at February 28 were $1,400. 2. In February, cheques issued per books were $17 ,750; cheques clearing the bank were $18,400; and outstanding cheques at February 28 were $1,250. There were no bank debit or credit memoranda and no errors were made by either the bank or Topper Ltd. Required: (a)Calculate the dollar amount of the deposits in transit at January 31. (b)Calculate the dollar amount of the outstanding cheques at January 31.