Reference no: EM132619852

Whispering Company has just received the August 31, 2020, bank statement, which is summarized below.

County National Bank                             Disbursements                      Receipts  Balance

Balance, August 1                                 $11,927

Deposits during August                           $40,991 52,918

Note collected for depositor, including $51 interest 1,324                          54,242

Checks cleared during August                               $43,919                        10,323

Bank service charges 25                                  10,298

Balance, August 31                                           10,298

The general ledger Cash account contained the following entries for the month of August.

Cash

Balance, August 1 12,794

Disbursements in August 44,446

Receipts during August 44,555

Deposits in transit at August 31 are $4,837, and checks outstanding at August 31 total $1,337. Cash on hand at August 31 is $395. The bookkeeper improperly entered one check in the books at $146 which was written for $155 for supplies (expense); it cleared the bank during the month of August.

Question (a) a bank reconciliation dated August 31, 2020, proceeding to a correct balance.

Question (b) 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.)

Question (c) What amount of cash should be reported in the August 31 balance sheet?