Bank reconciliation help ExerciSe 5-11 Sage Hill Inc.\'s bank statement from Mai

Question

Bank reconciliation help

ExerciSe 5-11 Sage Hill Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information Balance, August 1 August deposits Checks cleared in August Bank credit memorandum: $18,635 71,235 68,663 Bank debit memorandum: Safety deposit box fee Service charge Balance, August 31 $ 40 65 21,162 Interest earned 60 A summary of the Cash account for August shows the following: balance, August 1, $18,935; receipts74,235; disbursements 73,555; and balance, August 31, $19,615. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,815 and outstanding checks of $4,515. 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 recorded for 40 Your answer is incorrect. Try again Determine deposits in transit. Deposits in transit 3000.00 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is incorrect. Try again Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) Outstanding checks 4892.00

Explanation / Answer

Calculation: 73555+360)-(68663-4515)

a Deposits in transit $      7,815 calculation: 74235-(71235-4815) b Outstanding Checks $      9,767

Calculation: 73555+360)-(68663-4515)

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.