Solution-Determine outstanding checks

Determine outstanding checks

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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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Determine outstanding checks

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