Question
Kingbird, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 $18,500 Bank debit memorandum:August deposits 71,100
Kingbird, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information.
Balance, August 1 $18,500 Bank debit memorandum:August deposits 71,100 Safety deposit box fee$35 Checks cleared in August 68,668 Service charge 60 Bank credit memorandum:Balance, August 3120,892Interest earned 55
A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,800; receipts $74,100; disbursements $73,560; and balance, August 31, $19,340. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,810and outstanding checks of $4,510. 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.
Please help me with this problem because i am so confused
please help me complete this
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started