Question 15 Skysong, Inc.â€™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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