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Wildhorse Inc.'s bank statement from Western Bank at August 31, 2018, shows the following information. Balance, August 1 $17,201 August deposits 72,600 Cheques cleared in

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Wildhorse Inc.'s bank statement from Western Bank at August 31, 2018, shows the following information. Balance, August 1 $17,201 August deposits 72,600 Cheques cleared in August (68,766 ) Bank credit for interest earned not yet accrued 35 Bank debit for safety deposit box fee (30) Bank service charge (55) Balance, August 31 $20,985 A summary of the Cash account in the ledger for August shows the following: Reconciled cash balance, August 1, $17,185; cash receipts deposited $77,300; cheque disbursements $74,200; and unreconciled cash balance, August 31, $20,285. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,100 and outstanding cheques of $4,116. In addition, you determine that there was an error involving a company cheque drawn in August: A cheque for $450 to a creditor on account that cleared the bank in August was journalized and posted for $45. Calculate deposits in transit at August 31. Deposits in transit List of Accounts Calculate the amount of outstanding cheques at August 31. (Hint: You need to correct disbursements for the cheque error.) Outstanding cheques $ Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.) WILDHORSE INC. Bank Reconciliation $ $ $ $ $ Prepare the journal entries to be made by Wildhorse Inc. at August 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 31 (To record interest earned) 31 (To record bank service charge) 31 (To correct error in recording cheque) 31 (To record safety deposit box fee)

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