Determine outstanding checks

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Reference no: EM132280421

Question - Splish Brothers Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information.

Balance, August 1

$18,540

Bank debit memorandum:

$50

August deposits

71,140

Safety deposit box fee

75

Checks cleared in August

68,653

Service charge

20,972

Bank credit memorandum:

 

Balance, August 31

 

Interest earned

70

 

 

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,840; receipts $74,140; disbursements $73,545; and balance, August 31, $19,435. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,825 and outstanding checks of $4,525. 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 -

Determine deposits in transit.

Determine outstanding checks.

Reference no: EM132280421

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