Problem 8-15 Problem 8-15

#1 - A. #1 - A.
Outstanding Checks, beg 50,000 Outstanding Checks, beg 50,000
Add: Checks issued 1,250,000 Add: Checks issued 1,250,000
TOTAL 1,300,000 TOTAL 1,300,000
Less: Checks paid by the bank 1,100,000 Less: Checks paid by the bank 1,100,000
Outstanding Checks, end 200,000 Outstanding Checks, end 200,000

#2 - B. #2 - B.
Deposits in Transit, beg 150,000 Deposits in Transit, beg 150,000
Add: Deposits made 900,000 Add: Deposits made 900,000
TOTAL 1,050,000 TOTAL 1,050,000
Less: Deposits ack by the bank 800,000 Less: Deposits ack by the bank 800,000
Deposits in Transit, end 250,000 Deposits in Transit, end 250,000
#3, #4 & #5 - A. #3, #4 & #5 - A.
5/31/2016 Receipts Disbursements 6/30/2016 5/31/2016 Receipts Disbursements 6/30/2016
Unadjusted balance - bank 1,300,000 1,095,000 1,205,000 1,190,000 Unadjusted balance - bank 1,300,000 1,095,000 1,205,000 1,190,000
Deposits in Transit, May 150,000 (150,000) Deposits in Transit, May 150,000 (150,000)
Deposits in Transit, June 250,000 250,000 Deposits in Transit, June 250,000 250,000
Outstanding Checks, May (50,000) (50,000) Outstanding Checks, May (50,000) (50,000)
Outstanding Checks, June 200,000 (200,000) Outstanding Checks, June 200,000 (200,000)
Erroneous bank credit (30,000) (30,000) Erroneous bank credit (30,000) (30,000)
Erroneous bank debit 20,000 (20,000) Erroneous bank debit 20,000 (20,000)
Adjusted balance 1,390,000 1,175,000 1,325,000 1,240,000 Adjusted balance 1,390,000 1,175,000 1,325,000 1,240,000
Receipts = 800,000 + 20,000 + 275,000 Receipts = 800,000 + 20,000 + 275,000
Disbursements = 1,100,000 + 30,000 + 25,000 + 50,000 Disbursements = 1,100,000 + 30,000 + 25,000 + 50,000

5/31/2016 Receipts Disbursements 6/30/2016 5/31/2016 Receipts Disbursements 6/30/2016

Unadjusted Balance - book 1,095,000 1,200,000 1,250,000 1,045,000 Unadjusted Balance - book 1,095,000 1,200,000 1,250,000 1,045,000
BSC - May (5,000) (5,000) BSC - May (5,000) (5,000)
BSC - June 25,000 (25,000) BSC - June 25,000 (25,000)
CM for collection - May 300,000 (300,000) CM for collection - May 300,000 (300,000)
CM for collection - June 275,000 275,000 CM for collection - June 275,000 275,000
NSF checks (June) 50,000 (50,000) NSF checks (June) 50,000 (50,000)
Adjusted Balance 1,390,000 1,175,000 1,325,000 1,240,000 Adjusted Balance 1,390,000 1,175,000 1,325,000 1,240,000
Receipts = 900,000 + 300,000 Receipts = 900,000 + 300,000

"We can rejoice, too, when we run into problems and trials, for we know that "We can rejoice, too, when we run into problems and trials, for we know that
they are good for us they help us learn to endure." they are good for us they help us learn to endure."
- Romans 3:5 - Romans 3:5