Valix Finacc vol 1 Problem 4-17

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 4-17

                                    March 31           Receipts          Disbursements       April 30

Book balance                          200,000                 800,000                  720,000            280,000

Note collected by bank               

       March                                  60,000              (   60,000)

       April                                                               100,000                                         100,000

Service charge 

       March                               (    8,000)                                          (    8,000)

       April                                                                                              2,000            (    2,000)

NSF check

       March                               (  20,000)                                         (  20,000)

       April                                                                                            30,000            (  30,000)

Deposit in transit 

       March 31                           (  80,000)                 80,000

       April 30                                                          (220,000)                                      (220,000)

Outstanding checks

       March 31                           178,000                                            178,000

       April 30                                                                                    (372,000)            372,000

Bank balance                          330,000                 700,000                530,000              500,000