Reference no: EM131812916
Problem - Kane Inc.'s bank statement from Western Bank at August 31, 2012, gives the following information.
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Balance, August 1
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$16,400
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Bank debit memorandum:
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August deposits
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73,000
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Safety deposit box fee
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$ 25
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Checks cleared in August
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68,678
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Service charge
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50
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Bank credit memorandum:
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Balance, August 31
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20,692
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Interest earned
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45
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A summary of the Cash account in the ledger for August shows the following: balance, August 1, $16,900; receipts $77,000; disbursements $73,570; and balance, August 31, $20,330. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $5,000 and outstanding checks of $4,500. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40.
(a) Determine deposits in transit.
(b) Determine outstanding checks.
(c) Complete a bank reconciliation at August 31.
(d) Journalize the adjusting entry to be made by Kane Inc. at August 31.
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