ournalize the adjusting entries to be made by Skysong Inc

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Reference no: EM132997664

Question - Skysong, Inc.'s bank statement from Main Street Bank at August 31, 2022, gives the following information.

Balance, August 1 $18,710

Bank debit memorandum: August deposits 71,310

Safety deposit box fee $85

Checks cleared in August 68,618

Service charge 110

Bank credit memorandum: Balance, August 31 21,312

Interest earned 105

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,010; receipts $74,310; disbursements $73,510; and balance, August 31, $19,810. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,860 and outstanding checks of $4,560. 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.

Required -

1. Determine deposits in transit.

2. Determine outstanding checks.

3. Prepare bank reconciliation at August 31.

4. Journalize the adjusting entries to be made by Skysong, Inc. at August 31.

Reference no: EM132997664

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