Business, 24.03.2020 02:30 nell1234565

Aragon Company has just received the August 21, 2010 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.

Cash

Balance, August 1 10,050 Disbursements for August 35,403

Receipts during August 35,000

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.

Instrustions:

a. Preare a bank reconciliation dated August 31, 2010, proceeding to a correct balance.

b. Prepare any entries necessary to make the books correct and complete.

c. What amount of chas should be reported in the August 31 balance sheet?

Answers: 2

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Aragon Company has just received the August 21, 2010 bank statement, which is summarized below.