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Assignment help 6022

I am having trouble understanding how to determine the deposits in transit. I have listed a problem below. PLEASE HELP!!

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

Balance, August 1


Bank debit memorandum:

August deposits


Safety deposit box fee

$ 125Checks cleared in August


Service charge

150Bank credit memorandum:

Balance, August 31

21,292  Interest earned


A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,000; receipts $74,300; disbursements $73,470; and balance, August 31, $19,830. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,900 and outstanding checks of $4,600. 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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