ACC410 E7-25 - E725 County National Bank Balance August 1...

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Unformatted text preview: E725 County National Bank Balance August 1 Deposits during August Note collected for depositor inc $40 interest Checks cleared during August Bank service charges Balance August 31 Cash Balance August 1 Receipts during August August 31 Deposits in transit Checks Outstanding Cash on hand Improperly entered check S/H been entered as 10,050 35,000 Disbursements Receipts $ 32,200 1,04 0 $ 34,500 20 Balance $ 9,369 41,5 69 42,6 09 8,1 09 8,0 89 8,0 89 Disbursements in August 35,403 3,800 1,550 310 146.50 164.50 a.) ARAGON COMPANY Bank Reconciliation, August 31, 2010 County National Bank Balance per bank statement, August 31, 2010 Add: Cash on hand $ 8,089 $ 310 1 4,11 Deposits in transit 3,800 0 12,19 9 1,55 Deduct: Outstanding checks Correct cash balance Balance per books, August 31, 2010 ($10,050 + $35,000 – $35,403) Add: Note($1,000) and interest ($40)collected $ 9,647 1,04 0 10,68 7 Deduct: Bank service charges Understated check for supplies Correct cash balance Check $ 20 3 18 8 $ $ 10,649 0 $ 10,649 b.) Cash Notes Receivable Interest Revenue (To record collection of note and interest) Office Expense—Bank Charges Cash (To record August bank charges) Supplies Expense Debit 1,040 0 Credit 1,00 4 0 20 2 0 18 2 1 Cash (To record error in recording check for supplies) 8 c.) Balance per books, August 31, 2010 Note collected for depositor inc $40 interest Bank service charges Understated check for supplies $ 0) 9,647 1,040 (2 (1 8) $ 10,649 3 ...
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This note was uploaded on 10/27/2010 for the course FIN 82571 taught by Professor Sharp during the Fall '10 term at CSU Sacramento.

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ACC410 E7-25 - E725 County National Bank Balance August 1...

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