WileyPlus Quesiton
Do you need academic writing help with your homework? Let us write your papers.
Order a Similar Paper
Order a Different Paper
Metlock, Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information.
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper Now| Balance, August 1 | $18,600 | Bank debit memorandum: | ||||
| August deposits | 71,200 | Safety deposit box fee | $ 50 | |||
| Checks cleared in August | 68,653 | Service charge | 75 | |||
| Bank credit memorandum: | Balance, August 31 | 21,092 | ||||
| Interest earned | 70 |
A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,900; receipts $74,200; disbursements $73,545; and balance, August 31, $19,555. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,825 and outstanding checks of $4,525. 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.
