Skysong, Inc‘s bank statement from Main Street Bank at August 31, 2017, gives the following informat

 
   

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Skysong, Inc‘s bank statement from Main Street Bank at August 31, 2017, gives the following information

Balance, August 1

$18,700

Bank debit memorandum:

August deposits

71,300

Safety deposit box fee

$ 125Checks cleared in August

68,578

Service charge

150Bank credit memorandum:

Balance, August 31

21,292 Interest earned

145

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,000; receipts $74,300; disbursements $73,470; and balance, August 31, $19,830 Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,900 and outstanding checks of $4,600 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