Assignment Problem: Bank Reconciliation and Adjusting Entries
Aragon Company has just received the August 31, 2019, bank statement, which is summarized below.
County National Bank
|
Disbursements
|
Receipts
|
Balance
|
|
Balance, August 1
|
|
|
$9,369
|
|
Deposits during August
|
|
$32,200
|
41,569
|
|
Note collected for depositor, including $40 interest
|
|
1,040
|
42,609
|
|
|
|
Checks cleared during August
|
$34,500
|
|
8,109
|
|
Bank service charges
|
20
|
|
8,089
|
|
Balance, August 31
|
|
|
8,089
|
|
The general ledger Cash account contained the following entries for the month of August. Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,550. Cash on hand at August 31 is $310. The bookkeeper improperly entered one check in the books at $146.50 which was written for $164.50 for supplies (expense); it cleared the bank during the month of August.
Required:
1. Prepare bank reconciliation dated August 31, 2019, proceeding to a correct balance.
2. Prepare entries necessary to make the books correct and complete.
3. What amount of cash should be reported in the August 31 statement of financial position?
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