The Cash Records of Kupper Corp Show the Following

question 125

Essay

The cash records of Kupper Corp show the following:
1. The June 30 bank reconciliation indicated that deposits in transit totaled $300. During July, the general ledger account, Cash, shows deposits of $9,700, but the bank statement indicates that only $9,540 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding cheques of $1,800 . During July, Kupper Corp's books show that $11,170 of cheques were issued, yet the bank statement showed that $11,500 of cheques cleared the bank in July. There were no bank debit or credit memoranda and no errors were made by either the bank or Kupper Corp. Required: (a) Calculate the dollar amount of the deposits in transit at July 31. (b) Calculate the dollar amount of the outstanding cheques at July 31.

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Definitions:

Psychological Wound

Emotional trauma or distress stemming from deeply distressing or disturbing experiences.

Trauma Counseling

A specialized form of therapy aimed at helping individuals work through and recover from psychological trauma and its effects.

Trauma

A deeply distressing or disturbing experience, which can lead to long-lasting psychological effects.

Psychological Wound

Emotional or mental harm caused by distressing or traumatic events, leading to long-term difficulties in emotional functioning.