Mazor Inc.’s bank statement from Hometown Bank at August 31, 2012, gives the following information. Balance, August 1 $18,639 Bank debit memorandum: August deposits 71,239 ...

Mazor Inc.’s bank statement from Hometown Bank at August 31, 2012, gives the following information. Balance, August 1 $18,639 Bank debit memorandum: August deposits 71,239 Safety deposit box fee $ 95 Checks cleared in August 68,608 Service charge 120 Bank credit memorandum: Balance, August 31 21,170 Interest earned 115 A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,939; receipts $74,239; disbursements $73,500; and balance, August 31, $19,678. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,870 and outstanding checks of $4,570. In addition, you determine that there was an error involving a company check drawn in August: A check for $490 to a creditor on account that cleared the bank in August was journalized and posted for $49. Determine the deposits in transit