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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