Metlock, Inc.â€s bank statement from Main Street Bank at August 31, 2017, gives the following information.
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.
The deposits transit. was $7825
Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)
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