Sage Hill Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information. Balance, August 1 $18,585 Bank debit memorandum: August deposits 71,185 Safety deposit box fee $ 40 Checks cleared in August 68,663 Service charge 65 Bank credit memorandum: Balance, August 31 21,062 Interest earned 60 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,885; receipts $74,185; disbursements $73,555; and balance, August 31, $19,515. 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 journalized and posted for $40. Determine deposits in transit. Deposits in transit $enter deposits it transit in dollars Determine outstanding checks. (Hint: You need to correct disbursements for the check error.) Outstanding checks $enter outstanding checks in dollars Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.) SAGE HILL INC.Bank Reconciliationchoose the accounting period For the Year Ended August 31, 2022 For the Month Ended August 31, 2022 August 31, 2022 select an opening name for section one Cash balance per bank statement Outstanding checks Safety deposit box rent Interest earned Error in recording check Adjusted cash balance per bank Deposits in transit Service charge $enter a dollar amount select between addition and deduction Add Less : select a reconciling item Adjusted cash balance per bank Error in recording check Service charge Deposits in transit Safety deposit box rent Interest earned Outstanding checks Cash balance per bank statement enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction Add Less : select a reconciling item Deposits in transit Service charge Error in recording check Outstanding checks Safety deposit box rent Cash balance per bank statement Interest earned Adjusted cash balance per bank enter a dollar amount select a closing name for section one Deposits in transit Outstanding checks Interest earned Cash balance per bank statement Error in recording check Service charge Safety deposit box rent Adjusted cash balance per bank $enter a total amount for the first section select an opening name for section two Service charge Cash balance per books Adjusted cash balance per books Error in recording check Deposits in transit Interest earned Outstanding checks Safety deposit box rent $enter a dollar amount select between addition and deduction Add Less : select a reconciling item Adjusted cash balance per books Interest earned Deposits in transit Outstanding checks Error in recording check Service charge Safety deposit box rent Cash balance per books enter a dollar amount enter a subtotal of the two previous amounts select between addition and deduction Add Less : select a reconciling item Service charge Deposits in transit Outstanding checks Interest earned Error in recording check Cash balance per books Safety deposit box rent Adjusted cash balance per books $enter a dollar amount select a reconciling item Safety deposit box rent Outstanding checks Interest earned Cash balance per books Error in recording check Service charge Adjusted cash balance per books Deposits in transit enter a dollar amount select a reconciling item Adjusted cash balance per books Deposits in transit Outstanding checks Interest earned Error in recording check Service charge Safety deposit box rent Cash balance per books enter a dollar amount enter a subtotal of the three previous amounts select a closing name for section two Error in recording check Service charge Safety deposit box rent Cash balance per books Interest earned Adjusted cash balance per books Outstanding checks Deposits in transit $enter a total amount for the second section
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Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)
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Outstanding checks |
$enter outstanding checks in dollars |
Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.)
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SAGE HILL INC. For the Year Ended August 31, 2022 For the Month Ended August 31, 2022 August 31, 2022 |
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select an opening name for section one Cash balance per bank statement Outstanding checks Safety deposit box rent Interest earned Error in recording check Adjusted cash balance per bank Deposits in transit Service charge |
$enter a dollar amount |
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select between addition and deduction Add Less : |
select a reconciling item Adjusted cash balance per bank Error in recording check Service charge Deposits in transit Safety deposit box rent Interest earned Outstanding checks Cash balance per bank statement |
enter a dollar amount |
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enter a subtotal of the two previous amounts |
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select between addition and deduction Add Less : |
select a reconciling item Deposits in transit Service charge Error in recording check Outstanding checks Safety deposit box rent Cash balance per bank statement Interest earned Adjusted cash balance per bank |
enter a dollar amount |
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select a closing name for section one Deposits in transit Outstanding checks Interest earned Cash balance per bank statement Error in recording check Service charge Safety deposit box rent Adjusted cash balance per bank |
$enter a total amount for the first section |
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select an opening name for section two Service charge Cash balance per books Adjusted cash balance per books Error in recording check Deposits in transit Interest earned Outstanding checks Safety deposit box rent |
$enter a dollar amount |
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select between addition and deduction Add Less : |
select a reconciling item Adjusted cash balance per books Interest earned Deposits in transit Outstanding checks Error in recording check Service charge Safety deposit box rent Cash balance per books |
enter a dollar amount |
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enter a subtotal of the two previous amounts |
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select between addition and deduction Add Less : |
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select a reconciling item Service charge Deposits in transit Outstanding checks Interest earned Error in recording check Cash balance per books Safety deposit box rent Adjusted cash balance per books |
$enter a dollar amount |
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select a reconciling item Safety deposit box rent Outstanding checks Interest earned Cash balance per books Error in recording check Service charge Adjusted cash balance per books Deposits in transit |
enter a dollar amount |
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select a reconciling item Adjusted cash balance per books Deposits in transit Outstanding checks Interest earned Error in recording check Service charge Safety deposit box rent Cash balance per books |
enter a dollar amount |
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enter a subtotal of the three previous amounts |
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select a closing name for section two Error in recording check Service charge Safety deposit box rent Cash balance per books Interest earned Adjusted cash balance per books Outstanding checks Deposits in transit |
$enter a total amount for the second section |
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