Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 Skysong, Inc.'s bank statement from Main Street Bank at August 31, 2022, gives the following information. $ 85 Balance, August 1 August deposits

image text in transcribed

Question 2 Skysong, Inc.'s bank statement from Main Street Bank at August 31, 2022, gives the following information. $ 85 Balance, August 1 August deposits Checks cleared in August Bank credit memorandum: Interest earned $18,710 Bank debit memorandum: 71,310 Safety deposit box fee 68,618 Service charge Balance, August 31 105 110 21,312 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,010; receipts $74,310; disbursements $73,510; and balance, August 31, $19,810. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were deposit in transit for $4,860 and outstanding checks of $4,560. 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. Determine deposits in transit. Deposits in transit $ LINK TO TEXT Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) Outstanding checks LINK TO TEXT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Systems Control And Audit

Authors: Ron Weber

1st Edition

0139478701, 978-0139478703

More Books

Students also viewed these Accounting questions

Question

Why cant people consciously recall learning to walk?

Answered: 1 week ago