Sage Hill Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following information.
Balance, August 1 $18,635 Bank debit memorandum:
August deposits 71,235 Safety deposit box fee $40
Checks cleared in August 68,663 Service charge 65
Bank credit memorandum: Balance, August 31 21,162
Interest earned 60
A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,935; receipts $74,235; disbursements $73,555; and balance, August 31, $19,615. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,815 and outstanding checks of $4,515. 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.
Required:
Journalize the adjusting entries to be made by Sage Hill Inc. at August 31.
Answers: 1
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Sage Hill Inc.’s bank statement from Main Street Bank at August 31, 2022, gives the following inform...
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