Mazor Inc.”s bank statement from Hometown Bank at August 31, 2012, gives the following information.
| Balance, August 1 Don't use plagiarized sources. Get Your Custom Essay on mazor inc s bank statement from hometown bank at august 31 2012 gives the following 533938 For $10/Page 0nly | $18,400 | Bank debit memorandum: | |
| August deposits | 71,000 | Safety deposit box fee | $25 |
| Checks cleared in August | 68,678 | Service charge | 50 |
| Bank credit memorandum: | Balance, August 31 | 20,692 | |
| Interest earned | 45 |
A summary of the Cash account in the ledger for August shows the following: balance, August
1, $18,700; receipts $74,000; disbursements $73,570; and balance, August 31, $19,130. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,800 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.
Instructions
(a) Determine deposits in transit.
(b) Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)
(c) Prepare a bank reconciliation at August 31.
(d) Journalize the adjusting entry(ies) to be made by Mazor Inc. at August 31.
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