Question
**Journalize the adjusting entries to be made by Metlock, Inc. at August 31. (Credit account titles are automatically indented when amount is entered. Do not
**Journalize the adjusting entries to be made by Metlock, Inc. at August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)**
Metlock, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information.
Balance, August 1 $18,740 Bank debit memorandum:
August deposit $71340 Safety deposit box fee $45
Checks cleared in August $68658 Service charge $70
Bank credit memorandum: Balance, August 31 $21372
Interest earned $65
A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,040; receipts $74,340; disbursements $73,550; and balance, August 31, $19,830. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,820and outstanding checks of $4,520. In addition, you determine that there was an error involving a company check drawn in August: A check for $400to a creditor on account that cleared the bank in August was journalized and posted for $40.
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