Logan Bruno Company has just received the August 31, 2020, 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 a. Prepare a bank reconciliation dated August 31, 2020, 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 balance sheet?
Logan Bruno Company has just received the August 31, 2020, 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 a. Prepare a bank reconciliation dated August 31, 2020, 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 balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Logan Bruno Company has just received the August 31, 2020, 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
a. Prepare a bank reconciliation dated August 31, 2020, 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
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