The cash data of Duffy Automotive for September 2016 follow

The cash data of Duffy Automotive for September 2016 follow More Info (Click the icon to view the checkbook.) Duffy Automotive received the following bank statement on September 30, 2016 E, (Click the icon to view the bank statement.) () (Click the icon to view the additional data for the bank reconciliation.) Read the requirements. Requirement 1. Prepare the Duffy Automotive bank reconcl iation at September 30, 2016. Prepare the Bank side of the bank reconciliation, then prepare the Book side of the bank reconciliation. (Include the bala a. The EFT deposit was a receipt of monthly rent. The b. The unauthonized signature check was received from a c. The correct amount of check number 3115, a payment EFT debit was a monthly insurance payment. customer and returned by the bank unpaid. on account, is $1,390. (Duffy Automotive\'s accountant box is not used in the table, leave the box empty; do not select a label or mistakenly recorded the check as S1,930.) Duffy Automotive Bank Reconciliation September 30, 2016 Print Done Data Table Balance, September 30, 2016 $ 9,730 Add: Deposits in transit 0 Data Table Bank Statement for September 2016 S 7,550 Beginning balance Deposits and other additions: Less: Outstanding checks: Check No. Cash Account No. 101 S 650 EFT 2,776 3119 3120 3121 3122 Item Ref. DebiCredit Balance 1,003 1,685 861 267 12 CR6 9,727 CP 11 7,550 17,277 7,503 2.2553.991 9,774 Adjusted bank balance, September 30, 2016 1,200 BC 8,169 Cash Receipts (CR) Cash Payments (CP) Checks and other deductions: Cash Debit Cash Credit 451 1404 ,930 Check No. 3113 September 7 13 S 1451 1,390 September2$ 2,776 558 1,685 861 439 410 US ,404 10 16 3115 3116 3117 15 32 316 EFT 2,522 3119 3120 3121 3122 30 148 466 1,003 267 2,255 9,774 (5,989) S 9,730 30 SC Ending balance Explanation: BC-bank collection of note receivable from customer, EFT-electronic funds transfer, US-unauthorized signature, SC-service charge Print Done Print Done

Solution

Deposits in transit amount is $3,408 ($886 + $2,522).

Deposit in transit refers to the deposits which are entered in the general ledger or cash ledger in the books of accounts but not deposited in the bank by the end of the period or deposited but not processed with the bank by the end of the period.

We can get the deposits in transit by looking at the debits in the cash ledger and the deposits in the bank statement.

If we carefully observe, we get to know that the deposit on 29th and 30th of September are not yet realized by the Bank. The amounts of the same are $886 and $2,522 respectively.