The Information Below Relates to the Cash Account in the Ledger

question 38

Essay

The information below relates to the Cash account in the ledger of Remington Company.
Balance September 1-$25,725; Cash deposited-$96,000.
Balance September 30-$26,100; Checks written-$95,620.
The September bank statement shows a balance of $24,635 on September 30 and the following memoranda.
At September 30, deposits in transit were $6,695, and outstanding checks totaled $3,575.
Instructions
Prepare the bank reconciliation at September 30.

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Definitions:

Sales Price Variances

The difference between the actual price at which goods or services are sold and the expected (standard) sale price.

Sales Volume Variances

This is the difference between the actual sales volume and the budgeted sales volume, affecting revenue and expense projections.

Direct Materials Price Variance

The variance between the real expense of direct materials utilized in production and their predetermined cost, multiplied by the real amount of materials used.

Pounds

A unit of weight commonly used in the United States' customary and British imperial measurement systems.