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The cash records of Givens Company show the following four situations. The June 30 bank reconciliation indicated that deposits in transit total $720....
The cash records of Givens Company show the following four situations.The June 30 bank reconciliation indicated that deposits in transit total $720. During July the general ledger account Cash shows deposits of $15,750, but the bank statement indicates that only $15,600 in deposits were received during the month.The June 30 bank reconciliation also reported outstanding checks of $680. During the month of July, Givens Company books show that $17,200 of checks were issued. The bank statement showed that $16,400 of checks cleared the bank in July.In September, deposits per the bank statement totaled $26,700, deposits per books were $25,400, and deposits in transit at September 30 were $2,100.In September, cash disbursements per books were $23,700, checks clearing the bank were $25,000, and outstanding checks at September 30 were $2,100. There were no bank debit or credit memoranda. No errors were made by either the bank or Givens Company.InstructionsAnswer the following questions.In situation (1), what were the deposits in transit at July 31?$In situation (2), what were the outstanding checks at July 31?$In situation (3), what were the deposits in transit at August 31?$In situation (4), what were the outstanding checks at August 31?
Solution Situation 1Beginning Deposit in transitLedger cash depositsBank cash depositJuly Deposit in transit 7201575015600870 Deposit in transit +Deposit as per ledger(Books)-Deposit as per...