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.
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