The Cash account in the ledger of Clear Windows shows a balance of $12,596 at September 30. The bank statement, however, shows a balance of $16,253 at the same date. The only reconciling items consist of a bank service charge of $16, a large number of outstanding checks totaling $6,740, and a deposit in transit. -Cardinal Company's bank statement showed a balance at May 31 of $180,974. The only reconciling items consisted of a large number of outstanding checks totaling $51,847. At May 31, what balance should Cardinal's Cash account show?
A) $232,821.
B) $129,127.
C) $77,280.
D) Some other amount.

1. $3,067

2. B) $129,127.

Explanation:

a. The computation of amount deposit in transit is shown below:

The amount of deposit in Transit =  Balance as per Cash Book as on 30th Sept - Cheque outstanding realized - Bank charges -  Balance as per Bank Book

= $12,596 + $6740 - $16 - $16,253

= $3,067

Deposit in Transit inflates the general ledger initially till it is credited in the bank book.

b. The computation of balance should Cardinal's Cash account show

Cash Account should show a balance =  Bank Statement Balance as on May 31 - Outstanding Cheque on May 31

= $180,974 - $51,847

= $129,127  

As we can see that the cash account balance is less because there is an outstanding

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