3 different discussion questions.
January 13, 2021
Class Question
January 13, 2021

WileyPlus Question

Metlock, Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information.

Balance, August 1 $18,600 Bank debit memorandum:
August deposits 71,200 Safety deposit box fee $ 50
Checks cleared in August 68,653 Service charge 75
Bank credit memorandum: Balance, August 31 21,092
Interest earned 70

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,900; receipts $74,200; disbursements $73,545; and balance, August 31, $19,555. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,825 and outstanding checks of $4,525. 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.

The deposits transit. was $7825

Determine outstanding checks. (Hint: You need to correct disbursements for the check error.)

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