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Category > Accounting Posted 25 Sep 2017 My Price 10.00

Milton Company

Milton Company has just received the following monthly bank statement for June 2003.

Date

Checks

Deposits

Balance

1-Jun

    

$25,000

2-Jun

$150

  

24,850

3-Jun

  

6,000

30,850

4-Jun

750

  

30,100

5-Jun

1,500

  

$28,600

7-Jun

8,050

  

20,550

9-Jun

  

$8,000

$28,550

10-Jun

$3,660

  

24,890

11-Jun

2,690

  

22,200

12-Jun

  

9,000

31,200

13-Jun

550

  

30,650

17-Jun

7,500

  

$23,150

20-Jun

  

5,500

28,650

21-Jun

650

  

28,000

22-Jun

700

  

27,300

23-Jun

  

$4,140

$31,440

25-Jun

1,000

  

30,440

30-Jun

50*

  

$30,390

Totals

$27,250

32,640

  

Data from the cash account of Milton Company for June are as follows:

June 1 balance

$20,440

Checks written:

Deposits:

    

June 1 .

$1,500

2-Jun

6,000

  

4 .

8,500

5

8,000

  

6 .

2,690

10

9,000

  

8 .

$550

18

5,500

  

9 .

7,500

30

6,000

  

12 .

650

  

$34,500

  

19 .

700

      

22 .

1,000

      

26 .

$1,300

      

27 .

1,360

      
 

$25,750

      
           

At the end of May, Milton had three checks outstanding for a total of $4,560. All three checks were processed by the bank during June. There were no deposits outstanding at the end of May. It was discovered during the reconciliation process that a check for $8,050, written on June 4 for supplies, was improperly recorded on the books as $8,500.

Required

1. Determine the amount of deposits in transit at the end of June.

2. Determine the amount of outstanding checks at the end of June.

3. Prepare a June bank reconciliation.

4. Prepare the journal entries to correct the cash account.

5. Interpretive Question: Why is it important that the cash account be reconciled on a timely basis?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 10.00

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