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Prepare 7.25 (L06) (Bank Reconciliation and Adjusting Entries) Aragon Company has just received the August 31, 2019, bank statement, which is summarized below. County

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Prepare 7.25 (L06) (Bank Reconciliation and Adjusting Entries) Aragon Company has just received the August 31, 2019, bank statement, which is summarized below. County National Bank Balance, August 1 Deposits during August Note collected for depositor, including $40 interest Checks cleared during August Bank service charges Balance. August 31 Disbursements Receipts Balance $ 9.369 $32,200 41.569 1.040 42,609 $34.500 8,109 20 8.089 8,089 The general ledger Cash account contained the following entries for the month of August. Balance, August 1 Receipts during August Cash 10.050 35,000 Disbursements in August 35.403 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?

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