Reference no: EM132571951
Question - Shamrock, Inc.'s bank statement from Main Street Bank at August 31, 2022, gives the following information.
Balance, August 1 $18,550 Bank debit memorandum:
August deposits $71,150 Safety deposit box fee $60
Checks cleared in August $68,643 Service charge $85
Bank credit memorandum: Balance, August 31 $ 20,992
Interest earned $80
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.
Required -
Determine deposits in transit.
Determine outstanding checks.
Make a bank reconciliation at August 31.
Journalize the adjusting entries to be made by Shamrock, Inc. at August 31.
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