Exercise 7-25 Novak Company has just received the August 31, 2017, bank statement, which is summarized below. County National Bank Disbursements Receipts Balance Balance, August 1 $15,215 Deposits during August $52,293 67,508 Note collected for depositor, including $65 interest 1,689 69,197 Checks cleared during August $56,028 13,169 Bank service charges 32 13,137 Balance, August 31 13,137 The general ledger Cash account contained the following entries for the month August. Cash 16,321 Disbursements in August Balance, August 1 56,694 56,840 Receipts during August Deposits transit at August 31 are $6,171, and checks outstanding at August 31 total $1,705. Cash on hand cleared the bank during the month of August. August 31 is $503. The bookkeeper improperly entered one check the books at $146.50 which was written for $164.50 for supplies (expense); Prepare a bank reconciliation dated August 31, 2017, proceeding to correct balance. NOVAK COMPANY Bank Reconciliation, August 31, 2017 County National Bank 13137 Balance per bank statement, August 31, 2017 Add 503 Cash on hand 61717 Deposits in transit 6674 19811 Less Outstanding checks 1705 18106 Correct cash balance $ 16467 Balance per books, August 31, 2017 $ Add Note and interest collected 1689 18156 Less 32 Bank service charges 18 Understated check for supplies 50 18106 Correct cash balance SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare any entries necessary to make the books correct and complete. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Aug. 31, 2017 (To record collection of note and interest Aug. 31, 2017 (To record August bank charges) Aug. 31, 2017 (To record error in recording check for supplies) What amount of cash should be reported in the August 31 balance sheet? Cash to be reported in the August 31 balance sheet $ Open Show Work Click if you would like to Show Work for this