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Creditor on account that cleared the bank

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Reference no: EM132039659

Shamrock, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information.

Balance, August 1$18,550Bank debit memorandum:August deposits71,150Safety deposit box fee$ 60Checks cleared in August68,643Service charge85Bank credit memorandum:Balance, August 3120,992  Interest earned80

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,850; receipts $74,150; disbursements $73,535; and balance, August 31, $19,465. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,835 and outstanding checks of $4,535. 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.

Reference no: EM132039659

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