Goulet Inc, set up as a privately held corporation, operating as a ready to wear garments retailer, of which $100\%$ of the Common Shares are owned by Lawrence Goulet. You were hired to account fortransactions for the month of August $2023,$ complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weisted average method to determine value for the inventory. Its balance sheet as at July $31,2023,$ is presented below.Your accountant goes through the mail and opens the bank statement for the month of August provided by Bank of

Commerce. It is shown below.

Additional Information:

a$)$ The $$31,460$ is already recorded in the ledger last month.

b$)$ Cheque number of the company has $(4)$ digits.

Required: Prepare the August bank reconciliation for Goulet Inc. using the bank statement and general ledger provided.

Compare the information in the general ledger to the bank statement. Once reconciled, record the relevant journal entries

in the general journal and post the entries in the general ledger to bring the company's record up to date.

 

Your accountant goes through the mail and opens the bank statement for the month of August provided by Bank of Commerce. It is shown below. Bank of Commerce Prepared for Goulet Inc. Date Information Withdrawal Deposit Balance Opening Balance 49,780.00 Aug 1 Paid Chq#7107 9,600.00 40,180.00 Aug 1 Deposit 31,460.00 71,640.00 Aug 5 Paid Chq#7109 600.00 71,040.00 Aug 14 Paid Chq#7110 15,400.00 55,640.00 Aug 14 Deposit 247,350.00 302,990.00 Aug 15 Paid Chq#7111 12,778.00 290,212.00 Aug 18 Paid Chq#7112 79,200.00 211,012.00 Aug 20 Chq#45210 8,470.00 202,542.00 Aug 25 Chq#7113 355.00 202,187.00 Aug 31 Auto debit loan payment 2,209.00 199,978.00 Aug 31 Service Charge 240.00 199,738.00 Aug 31 Interest 125.00 199,863.00 General Ledger Accounts Account: Cash GL No: 101 Date Description PR DR CR Balance (DR or CR) Opening Balance 81,240.00 DR Aug 1 Paid Chq#7107 9,600.00 71,640.00 DR Aug 1 Paid Chq#7108 GJ3 1,050.00 70,590.00 DR Aug 5 Paid Chq#7109 GJ3 600.00 69,990.00 DR Aug 12 Paid Chq#7110 GJ3 15,400.00 54,590.00 DR Aug 14 Received payment GJ3 247,350.00 301,940.00 DR Aug 15 Paid Chq#7111 GJ3 12,778.00 289,162.00 DR Aug 18 Paid inventory Chq#7112 GJ3 79,200.00 209,962.00 DR Aug 25 Petty Cash Chq#7113 GJ3 355.00 216,727.00 DR Aug 30 Received payment GJ3 7,120.00 Aug 31 Paid loan GJ3 2,209.00 217,082.00 DR 214,518.00 DR Additional Information: a) The $31,460 is already recorded in the ledger last month. b) Cheque number of the company has (4) digits. Required: Prepare the August bank reconciliation for Goulet Inc. using the bank statement and general ledger provided. Compare the information in the general ledger to the bank statement. Once reconciled, record the relevant journal entries in the general journal and post the entries in the general ledger to bring the company's record up to date.