*E7.25 (LO6) (Bank Reconciliation and Adjusting Entries) Aragon Company has just received the August 31, 2019,...
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*E7.25 (LO6) (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 $ 9,369 Balance, August 1 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 in 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. Instructions a. Prepare a bank reconciliation dated August 31, 2019, proceeding to a correct balance. b. Prepare any entries necessary to make the books correct and complete. c. What amount of cash should be reported in the August 31 statement of financial position? *E7.25 (LO6) (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 $ 9,369 Balance, August 1 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 in 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. Instructions a. Prepare a bank reconciliation dated August 31, 2019, proceeding to a correct balance. b. Prepare any entries necessary to make the books correct and complete. c. What amount of cash should be reported in the August 31 statement of financial position?
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Elementary Statistics A step by step approach
ISBN: 978-0073386102
8th edition
Authors: Allan Bluman
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