Question 15 Skysong, Inc.â??s bank statement from Main Street Bank at August 31, 2017, gives the fol

Question 15 Skysong, Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information.Balance, August 1$18,710Bank debit memorandum:August deposits71,310Safety deposit box fee$ 85Checks cleared in August68,618Service charge110Bank credit memorandum:Balance, August 3121,312 Interest earned105A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,010; receipts $74,310; disbursements $73,510; and balance, August 31, $19,810. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,860 and outstanding checks of $4,560. 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. Determine outstanding checks.

 

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