Determine outstanding checks

Assignment Help Accounting Basics
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


Bank debit memorandum:


August deposits


Safety deposit box fee


Checks cleared in August


Service charge


Bank credit memorandum:


Balance, August 31


Interest earned




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

Identify the type of ira

Identify the type of IRA that would be best for a taxpayer in each of the circumstances Sharon believes she will be in a higher tax bracket when she withdraws the money in ret

How much total revenue should be recognized

Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2012, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000. Prepare th

Determining company net working capital

The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,121,599, accounts receivables of $3,488,121, notes payab

Prepare a journal entry to record completed production

Accounting 103 Midterm Examination Part 1. Assume the completed production for August includes Job 317, 318, and 319 with total costs of $31,000, $18,000, and $22,000 respect

Cost of merchandise sold on march

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 3

Standard cost for the materials

The company's managers expected to produce 20,000 units of product in March. The standard cost for the materials used for 20,000 units is 173,600 yuan, and the standard cost

A line of vases and a line of ceramic figurines

parker pottery produces a line of vases and a line of ceramic figurines. each line uses the same equipment and labor ;hence, there are no traceable fixed costs. common fixed

Preparing annual financial statements

preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year, the company received a shipment of inventory but has not pa


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd