Assignment Problem: Bank Reconciliation and Adjusting Entries
Aragon Company has just received the August 31, 2019, bank statement, which is summarized below.
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County National Bank
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Disbursements
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Receipts
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Balance
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Balance, August 1
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$9,369
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Deposits during August
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$32,200
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41,569
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Note collected for depositor, including $40 interest
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1,040
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42,609
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Checks cleared during August
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$34,500
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8,109
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Bank service charges
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20
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8,089
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Balance, August 31
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8,089
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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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