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Armouries Enterprises began operations on August 2, 2020, depositing $40,000 in the bank. During this first month of business, the following transactions occurred that affected
Armouries Enterprises began operations on August 2, 2020, depositing $40,000 in the bank. During this first month of business, the following transactions occurred that affected the Cash account i the general ledger. (Click the icon to view the transactions.) Shortly after the end of August, the company received its first bank statement. (Click the icon to view the August bank statement.) In preparing to do the bank reconciliation, Armouries Enterprises noticed that the $2,000 deposit on August 29 was a bank error and informed the bank. The bank will correct the error on the next bank statement. Required Prepare Armouries Enterprises's bank reconciliation at August 31, 2020. 95,662 Less: Outstanding cheques: Cheque Number: 003 $ 005 10,500 17,800 2,000 Correction of bank error (30,300 $ 65,362 Adjusted bank balance, August 31, 2020 BOOKS: Balance, August 31, 2020 68600 Add: Interest 16 Less: Service charge 56 40 Adjusted book balance, August 31, 2020 68560 A Transactions X Date Dr Cr Aug. 2 $ 40,000 5 $ 12,600 16,300 8 9 16,800 15 Description Deposit Payment, cheque 001 Payment, cheque 002 Cash sales Payment, cheque 003 Cash sales Bank loan Equipment purchase, cheque 004 Payment on account, cheque 005 Cash sales 10,500 18 12,800 110,000 20 26 83,000 17,800 30 31 26,000 Print Done Bank Statement X Balance 0 Description Balance Forward Deposit Cha#001 Deposit Cha#002 Deposit Bank Loan Cha#004 Deposit Service Charge Interest Withdrawals Deposits Date Aug.01 40,000 Aug.02 12,600 Aug.07 16,800 Aug.09 16,300 Aug. 13 12,800 Aug. 18 110,000 Aug.20 83,000 2,000 Aug.29 56 Aug.31 18 Aug. 31 111,956 181,618 40,000 27,400 44,200 27,900 40,700 150,700 67,700 69,700 69,644 69,662 Aug.28 Print Done
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