The Cash Account and the December Bank Statement of Gomez

question 97

Multiple Choice

The cash account and the December bank statement of Gomez Company showed the following:
Deposits made by Gomez Company during December $90,000; deposits reflected on the December bank statement,$88,000; and deposits in transit on December 1,$5,000.How much were the deposits in transit at the end of December?

• A)$10,000
• B)$7,000
• C)$5,000
• D)$2,000

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Definitions:

French Windows

A pair of glass doors, often leading to an outside area, that serve both as windows and as entry points, typically opening inwards or outwards from the center.

Canopy Bed

A bed with a roof-like covering or drapery suspended above it, often for decorative purposes.

Baseball Memorabilia

Items related to the sport of baseball that are collected by enthusiasts, which can include autographed balls, jerseys, cards, and other paraphernalia.

Barry Halper

A prominent collector known for his extensive collection of baseball memorabilia and artifacts.