Aragon Company has just received the August 31, 2019, bank statement, which is summarized below. The general

Question:

Aragon Company has just received the August 31, 2019, bank statement, which is summarized below.

image text in transcribed
The general ledger Cash account contained the following entries for the month of August.
image text in transcribed
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?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

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

Question Posted: