Marin Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information. Balance, August 1 $18,620 Bank debit memorandum: August deposits 71,220 Safety deposit box fee $ 55 Checks cleared in August 65,648 Service charge 80 Bank credit memorandum: Balance, August 31 24,132 Interest earned 75 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,920; receipts $74,220; disbursements $73,540; and balance, August 31, $19,600. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,830 and outstanding checks of $4,530. 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. (Hint: You need to correct disbursements for the check error.) Outstanding checks $enter outstanding checks in dollars Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.) ournalize the adjusting entries to be made by Marin Inc. at August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31 enter an account title to record interest earned on August 31 enter a debit amount enter a credit amount enter an account title to record interest earned on August 31 enter a debit amount enter a credit amount (To record Interest earned) Aug. 31 enter an account title for the adjusting entry to correct error in recording check on August 31 enter a debit amount enter a credit amount enter an account title for the adjusting entry to correct error in recording check on august 31 enter a debit amount enter a credit amount (To correct error in recording check) Aug. 31 enter an account title to record service charge and safety deposit box fee on August 31 enter a debit amount enter a credit amount enter an account title to record service charge and safety deposit box fee on August 31 enter a debit amount enter a credit amount (To record service charge and safety deposit box fee)

Marin Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information. Balance, August 1 $18,620 Bank debit memorandum: August deposits 71,220 Safety deposit box fee $ 55 Checks cleared in August 65,648 Service charge 80 Bank credit memorandum: Balance, August 31 24,132 Interest earned 75 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,920; receipts $74,220; disbursements $73,540; and balance, August 31, $19,600. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,830 and outstanding checks of $4,530. 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. (Hint: You need to correct disbursements for the check error.) Outstanding checks $enter outstanding checks in dollars Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.) ournalize the adjusting entries to be made by Marin Inc. at August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31 enter an account title to record interest earned on August 31 enter a debit amount enter a credit amount enter an account title to record interest earned on August 31 enter a debit amount enter a credit amount (To record Interest earned) Aug. 31 enter an account title for the adjusting entry to correct error in recording check on August 31 enter a debit amount enter a credit amount enter an account title for the adjusting entry to correct error in recording check on august 31 enter a debit amount enter a credit amount (To correct error in recording check) Aug. 31 enter an account title to record service charge and safety deposit box fee on August 31 enter a debit amount enter a credit amount enter an account title to record service charge and safety deposit box fee on August 31 enter a debit amount enter a credit amount (To record service charge and safety deposit box fee)

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section5.2: Bank Reconciliation

Problem 1OYO

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Marin Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information.

Balance, August 1	$18,620	Bank debit memorandum:
August deposits	71,220	Safety deposit box fee	$ 55
Checks cleared in August	65,648	Service charge	80
Bank credit memorandum:		Balance, August 31	24,132
Interest earned	75

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,920; receipts $74,220; disbursements $73,540; and balance, August 31, $19,600. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,830 and outstanding checks of $4,530. 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. (Hint: You need to correct disbursements for the check error.)

Outstanding checks

$enter outstanding checks in dollars

Prepare a bank reconciliation at August 31. (List items that increase balance as per bank & books first.)

ournalize the adjusting entries to be made by Marin Inc. at August 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Aug. 31	enter an account title to record interest earned on August 31	enter a debit amount	enter a credit amount
	enter an account title to record interest earned on August 31	enter a debit amount	enter a credit amount
	(To record Interest earned)
Aug. 31	enter an account title for the adjusting entry to correct error in recording check on August 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry to correct error in recording check on august 31	enter a debit amount	enter a credit amount
	(To correct error in recording check)
Aug. 31	enter an account title to record service charge and safety deposit box fee on August 31	enter a debit amount	enter a credit amount
	enter an account title to record service charge and safety deposit box fee on August 31	enter a debit amount	enter a credit amount
	(To record service charge and safety deposit box fee)

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