Kingbird, Inc.s bank statement from Main Street Bank at August 31, 2022, gives the following...
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Accounting
Kingbird, Inc.s bank statement from Main Street Bank at August 31, 2022, gives the following information.
| Balance, August 1 | $18,500 | Bank debit memorandum: | ||||
|---|---|---|---|---|---|---|
| August deposits | 71,100 | Safety deposit box fee | $ 35 | |||
| Checks cleared in August | 68,668 | Service charge | 60 | |||
| Bank credit memorandum: | Balance, August 31 | 20,892 | ||||
| Interest earned | 55 |
A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,800; receipts $74,100; disbursements $73,560; and balance, August 31, $19,340. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,810 and outstanding checks of $4,510. 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.
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