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2. Clipper's bank statement from Western National Bank at August 31, 2018, shows the information below. Balance, August 1 $11,284 Bank credit memoranda: August deposits 47,521 Collection of note Checks cleared in August 46,175 receivable plus $700 Balance, August 31 12,300 interest $4,700 Bank debit memorandum: NSF checks 5,000 Safety deposit box rent 30 A summary of the Cash account in the ledger for August shows: balance, August 1, $10,559; receipts $50,050; disbursements $47,794; and balance, August 31, $12,815. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $2,200 and outstanding checks of $2,925. The deposit in transit was the first deposit recorded by the bank in August. In addition, there were two errors involving company checks drawn in August: (1) A check for $340 to a creditor on account that cleared the bank in August was journalized and posted for $480. (2) A salary check to an employee for $275 was recorded by the bank for $295. Instructions (a) Determine the amounts of (1) deposits in transit and (2) outstanding checks at August 31. (b) Prepare a bank reconciliation at August 31. (c) Journalize the adjusting entries to be made by Clipper at August 31. Assume that interest on the note has not been accrued by the company