Reference no: EM133260596
Sebastian and Son's had the following information before preparing their bank reconciliation.
1. Balance of Cash account on company's books at August 31, $5,459.
2. Balance per bank statement, dated August 31, $6,117.
3. The $1,500 deposit of August 31 was not included in the bank statement.
4. Of the checks recorded as cash disbursements in August, checks totaling $850 have not cleared the bank.
5. The bank credited the company's account with the $2,000 proceeds of a noninterest-bearing note that it collected for the company.
6. NSF check of $75 was returned with the bank statement.
7. The bank paid and charged to the company's account a $617 EFT insurance premium for the company. The payment has not been recorded by the company.
Calculate Sebastian and Son's cash balance at the end of August (show all of your work):
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