The records of Topper. Ltd. show the following:
1. In February, deposits per the bank statement totalled $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.

Question

Quizplus · Accepted Answer

The Answer of The records of Topper. Ltd. show the following:
1. In February, deposits per the bank statement totalled $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.

The Records of Topper. Ltd. Show the Following