Solution-Problem - Bank Reconciliation and Adjusting Entries

Problem - Bank Reconciliation and Adjusting Entries

Assignment Help Accounting Basics

Reference no: EM132473981

Problem - Bank Reconciliation and Adjusting Entries

Aragon Company has just received the August 31, 2019, bank statement, which is summarized below.

County National Bank	Disbursements	Receipts	Balance
Balance, August 1			$9,369
Deposits during August		$32,200	41,569
Note collected for depositor, including $40 interest		1,040	42,609
Checks cleared during August	$34,500		8,109
Bank service charges	20		8,089
Balance, August 31			8,089

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

Required -

1. Prepare bank reconciliation dated August 31, 2019, proceeding to a correct balance.

2. Prepare entries necessary to make the books correct and complete.

3. What amount of cash should be reported in the August 31 statement of financial position?

Reference no: EM132473981

Questions Cloud

Find the accumulation of the annuity at the end of 12 years : Find the accumulation of the annuity at the end of 12 years.

What is the yield to maturity of bond b : Would yield to maturity be the most relevant measure for Bond B? If not, what yield measure would be more relevant for Bond B?

Prepare journal entries to record the purchase of the asset : Prepare journal entries to record the purchase of the asset on July 1, 2015, and to record depreciation expense on December 31, 2015

Problem - Repurchase Agreement : Zagat Ltd. enters into an agreement on March 1, 2019, to sell Werner Metal aluminum ingots. Prepare Zagat's journal entry necessary on March 1, 2019

Problem - Bank Reconciliation and Adjusting Entries : Problem - Bank Reconciliation and Adjusting Entries. What amount of cash should be reported in the August 31 statement of financial position

What was intels total equity at year-end : Intel had assets equal to $84,351 million and liabilities equal to $33,148 million for a recent year. What was Intel's total equity at year-end?

How a child witnessed his or her parents often in quarrels : Provide an example of how A child witnessed his or her parents often in quarrels it is likely that the child may carry those traits into adult hood relates

Management proposes to institute such defenses : What would you expect to happen to the share price when management proposes to institute such defenses?

What was the corporate tax rate for starbucks : What is the account and the amount of the bottom line item on the Statement (or Consolidated Statement) of Comprehensive Income?

User Account

All Pages

Problem - Bank Reconciliation and Adjusting Entries

Reference no: EM132473981

Reference no: EM132473981

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT