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Sandy, Inc
Sandy, Inc. had the following bank reconciliation at March 31, 2004: Balance per bank statement, 3/31/04 P37,200 Add: Deposit in transit 10.300 47,500 Less: Outstanding checks 12,600 Balance per books, 3/31/04 34,900 Data per bank for the month of April 2004 follow: Deposits Disbursements P42,700 49,700 All reconciling items at March 31,2004 cleared the bank in April. Outstanding checks at April 30,2004 totaled P5,000. There were no deposits in transit at April 30,2004. What is the cash balance per books at April 30.2004? 25,200.00
Expert Solution
Sandy Inc.Bank ReconciliationCalculationAt April 30, 2004Balance per Bank Statement, 4/30/04 27,900below workingsAdd: Deposits in Transit - 27,900Less: Outstanding Checks 5,000Balance per Books, 4/30/04 22,900WorkingsBalance per Bank Statement, 3/31/04 34,900Add: Deposits 42,700Less: Disbursements(49,700)Balance per Bank Statement, 4/30/04 27,900NoteSince all reconciling items at March 31, 2004 cleared the bank in April,so Balance per Bank Statement, 3/31/04 will be $34,900after deposits in transit and outstanding checks are both cleared
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