Marin Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 $18,685 Bank debit memorandum: August deposits 71,285 Safety deposit box fee $ 100 Checks cleared in August 68,603 Service charge 125 Bank credit memorandum: Balance, August 31 21,262 Interest earned 120 A summary of the Cash account for August shows the following: balance, August 1, $18,985; receipts $74,285; disbursements $73,495; and balance, August 31, $19,775. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,875 and outstanding checks of $4,575. 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. Determine deposits in transit. Deposits in transit $4 7875 Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) Outstanding checks %2$ 9827
Marin Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 $18,685 Bank debit memorandum: August deposits 71,285 Safety deposit box fee $ 100 Checks cleared in August 68,603 Service charge 125 Bank credit memorandum: Balance, August 31 21,262 Interest earned 120 A summary of the Cash account for August shows the following: balance, August 1, $18,985; receipts $74,285; disbursements $73,495; and balance, August 31, $19,775. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,875 and outstanding checks of $4,575. 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. Determine deposits in transit. Deposits in transit $4 7875 Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) Outstanding checks %2$ 9827
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Marin Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information.
Balance, August 1
$18,685
Bank debit memorandum:
August deposits
71,285 Safety deposit box fee
$ 100
Checks cleared in August
68,603 Service charge
125
Bank credit memorandum:
Balance, August 31
21,262
Interest earned
120
A summary of the Cash account for August shows the following: balance, August 1, $18,985; receipts $74,285; disbursements $73,495; and balance, August 31, $19,775. Analysis reveals
that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,875 and outstanding checks of $4,575. 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.
Determine deposits in transit.
Deposits in transit
$4
7875
Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)
Outstanding checks
%2$
9827](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F980c00e2-eb1a-4422-bab5-d7cdb47bac6e%2Feadfa8b2-abd8-43eb-a425-2191f2574a03%2Fwceyw7i.png&w=3840&q=75)
Transcribed Image Text:Marin Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information.
Balance, August 1
$18,685
Bank debit memorandum:
August deposits
71,285 Safety deposit box fee
$ 100
Checks cleared in August
68,603 Service charge
125
Bank credit memorandum:
Balance, August 31
21,262
Interest earned
120
A summary of the Cash account for August shows the following: balance, August 1, $18,985; receipts $74,285; disbursements $73,495; and balance, August 31, $19,775. Analysis reveals
that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,875 and outstanding checks of $4,575. 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.
Determine deposits in transit.
Deposits in transit
$4
7875
Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)
Outstanding checks
%2$
9827
![](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F980c00e2-eb1a-4422-bab5-d7cdb47bac6e%2Feadfa8b2-abd8-43eb-a425-2191f2574a03%2Fwpjm9yj.png&w=3840&q=75)
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