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Exercise 7-11 (Part Level Submission)

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

Balance, August 1$18,700Bank debit memorandum:August deposits71,300Safety deposit box fee$75Checks cleared in August68,628Service charge100Bank credit memorandum:Balance, August 3121,292Interest earned95

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,000; receipts $74,300; disbursements $73,520; and balance, August 31, $19,780. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,850and outstanding checks of $4,550. 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.

(a)

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Determine deposits in transit.

Deposits in transit$