On March 31, 2020 A company had a cash balance per books of JD 20636. The bank statement from Arab Bank on that date showed a balance of JD 62686. A comparison of the statement with the cash amount revealed the following situations.
On March 16, cash sales of JD 39381 were deposited in the bank, and the company’s account was credited with that correct amount by the bank. However, the cash receipts journal entry and the deposit slip were erroneously made for JD 33918
Deposits in transit totaled JD 39151
On March 31, outstanding checks totaled JD 91250
On March 31, the bank collected a note receivable with the amount of JD 2058 on company’s behalf plus JD 40 interest. The bank charged a collection fee of JD 15 and no interest has been accrued on the note
On March 19, check No. 00121 for JD 19540 was issued by Amman Company to Al-Arab Company on account. The check, which cleared the bank in March, was erroneously journalized and posted by Amman Company for 1945.