Logan Bruno Company has just received the August 31, 2025, bank statement, which is summarized...
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Accounting
Logan Bruno Company has just received the August 31, 2025, 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 in August
34,903
Receipts during August
35,000
Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,050. 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
Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance.
Prepare any entries necessary to make the books correct and complete.
What amount of cash should be reported in the August 31 balance sheet?
Answer & Explanation
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