Question
Question 2 Culver Company has just received the August 31, 2017, bank statement, which is summarized below. County National Bank Disbursements Receipts Balance Balance, August
Question 2 Culver Company has just received the August 31, 2017, bank statement, which is summarized below.
County National Bank Disbursements Receipts Balance Balance, August 1 $13,192 Deposits during August $45,338 58,530 Note collected for depositor, including $56 interest 1,464 59,994 Checks cleared during August $48,576 11,418 Bank service charges 28 11,390 Balance, August 31 11,390
The general ledger Cash account contained the following entries for the month of August.
Cash Balance, August 1 14,150 Disbursements in August 49,150 Receipts during August 49,280
Deposits in transit at August 31 are $5,350, and checks outstanding at August 31 total $1,478. Cash on hand at August 31 is $436. 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 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.)
Date Account Titles and Explanation Debit Credit 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 $
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