Kane Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Balance, August
Question:
Kane Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information.Â
Balance, August 1 $16,400 Bank debit memorandum:Â
A summary of the Cash account in the ledger for August shows the following: balance, August 1, $16,900; receipts $77,157; disbursements $73,510; and balance, August 31, $20,547.
Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $5,000 and outstanding checks of $4,500. 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
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso