Business, 06.11.2019 21:31 houtchhaytang

Asummary of the cash account in the ledger for august shows the following: balance, august 1, $16,900; receipts $77,247; disbursements $73,533; and balance, august 31, $20,614. analysis reveals that the only reconciling items on the july 31 bank reconciliation were a deposit in transit for $5,000 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.
(a) determine deposits in transit.
(b) determine outstanding checks. (hint: you need to correct disbursements for the check error.)

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Asummary of the cash account in the ledger for august shows the following: balance, august 1, $16,9...