Determine deposits in transit

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Reference no: EM131828425

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

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,700; receipts $74,000; disbursements $73,570; and balance, August 31, $19,130. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,800 and outstanding checks of $4,500. 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.

Instructions: (a) Determine deposits in transit.

(b) Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)

(d) Journalize the adjusting entry(ies) to be made by Perth Inc. at August 31.

Reference no: EM131828425

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