Exercise 7-25 (Part Level Submission) Ivanhoe Company has just received the August 31, 2017, bank statement, which is summarized below County National Bank Balance, August 1 Deposits during August Note collected for depositor, including $60 interest Checks cleared during August Bank service charges Balance, August 31 Disbursements Receipts Balance $13,950 $47,946 61,896 1,549 63,445 12,074 12,044 12,044 $51,371 30 The general ledger Cash account contained the following entries for the month of August. Cash Balance, August 1 Receipts during August 14,964 Disbursements in August 51,979 52,115 Deposits in transit at August 31 are $5,658, and checks outstanding at August 31 total 1,563. Cash on hand at August 31 is $462. 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. Prepare a bank reconciliation dated August 31, 2017, proceeding to a correct balance. IVANHOE COMPANY Bank Reconciliation, August 31, 2017 National Bank 1/2