Logan Bruno Company has just received the August 31, 2025, bank statement, which is summarized below. The

Question:

Logan Bruno Company has just received the August 31, 2025, bank statement, which is summarized below.image


The general ledger Cash account contained the following entries for the month of August.image


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, 2025, 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?

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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