Reference no: EM1354309
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information.
Balance, August 1
$16,600
Bank debit memorandum:
August deposits
73,000
Safety deposit box fee
$ 25
Checks cleared in August
66,678
Service charge
30
Bank credit memorandum:
Balance, August 31
22,912
Interest earned
45
A summary of the Cash account in the ledger for August shows the following: balance, August 1, $17,100, receipts $81,000; disbursements $73,570; and balance, August 31, $24,530. 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 in the general ledger. The bank amount of $400 was correct.
Instructions
a) Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August)
b) Determine outstanding checks. (You are calculating the total amount of outstanding checks)
c) Prepare a bank reconciliation at August 31
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