Question

June 30: Bank balance, $355,001; deposits in transit, $86,899; outstanding checks, $42,690;general ledger cash balance, $399,210.July 1: Cash receipts journal, $500,187; cash disbursements journal, $476,397.July 31: Bank balance, $506,100; deposits in transit, $51,240; outstanding checks, $73,340;general ledger cash balance, ?. Bank statement record of deposits: $835,846; of payments: $684,747. A check for $25,700 cleared the bank but was not recorded in the books. A $150,000 receivable was collected by the bank. A check for $181,000 was recorded in the books as $118,000. Required:Prepare a four-column proof of cash

Answer 1

The question provides a series of financial data related to bank balances, deposits, and outstanding checks. It asks for the preparation of a four-column proof of cash using the given information.

Step-by-step explanation:

1. Bank Balance: On June 30, the bank balance was $355,001.
2. Deposits in Transit: There were deposits in transit of $86,899 on June 30.
3. Outstanding Checks: There were outstanding checks of $42,690 on June 30.
4. General Ledger Cash Balance: On June 30, the general ledger cash balance was $399,210.
5. Cash Receipts Journal: On July 1, the cash receipts journal showed a total of $500,187.
6. Cash Disbursements Journal: On July 1, the cash disbursements journal showed a total of $476,397.
7. Bank Balance: On July 31, the bank balance was $506,100.
8. Deposits in Transit: There were deposits in transit of $51,240 on July 31.
9. Outstanding Checks: There were outstanding checks of $73,340 on July 31.