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Vaughn Company has just received the August 31, 2025, bank statement, which is summarized below. County National Bank Balance, August 1 Deposits during August Note
Vaughn Company has just received the August 31, 2025, bank statement, which is summarized below. County National Bank Balance, August 1 Deposits during August Note collected for depositor, including $56 interest Checks cleared during August Bank service charges Balance, August 31 Disbursements Receipts Balance $13,192 $45,338 58,530 1,464 59,994 $48,576 11,418 28 11,390 11,390 The general ledger Cash account contained the following entries for the month of August. Cash Balance, August 1 Receipts during August 14,150 Disbursements in August 49,280 49,150 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 $147 which was written for $165 for supplies (expense); it cleared the bank during the month of August. (a) Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance. (a) Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance. VAUGHN COMPANY Bank Reconciliation, August 31, 2025 Balance per Bank Statement, August 31, 2025 Add : Deposits in Transit Less : Outstanding Checks Correct Cash Balance Balance per Books, August 31, 2025 Add : Note and Interest Collected Less Bank Service Charges Outstanding Checks County National Bank $ $ Balance per Books, August 31, 2025 $
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