Red Company Received the Following October 31, 20C, Bank Statement

question 43

Essay

Red Company received the following October 31, 20C, bank statement:
The cash account reflected the following for October:
The September 30 bank reconciliation showed:
Deposits in transit, $3,000, and outstanding cheques, $500. Required:
A. What was the amount of the deposits in transit at October 31?
B. What was the amount of outstanding cheques at October 31?
C. Prepare a bank reconciliation for October. Use the following format: D. Give the journal entries that should be made by Red Company based on the bank reconciliation.

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Definitions:

Positive Energy

A contagious, uplifting, and encouraging attitude that boosts morale and productivity in the workplace.

Positive Emotions

are feelings that are enjoyable and uplifting, such as happiness, joy, and contentment, contributing to overall well-being and satisfaction.

Extraversion

A personality trait characterized by sociability, talkativeness, assertiveness, and high levels of emotional expressiveness.

Emotional Stability

An individual's ability to remain calm and composed, especially in stressful situations, reflecting low levels of neuroticism.