Logan Bruno Company has just received the August 31, 2017, bank statement, which

Question

Logan Bruno Company has just received the August 31, 2017, bank statement, which is summarized below Receints Balance Balance, August 1 Deposit during August Note collected for depositor, including $40 of interest Check cleared during August Bank services charges Balance, August 31 S 9,369 41,569 S32,200 1,040 42,609 8.109 8,089 $ 8,089 $34,500 20 The general ledger Cash account contained the following entries for the month of August: Balance, August 1 Deposit during August Disbursements in August Balance, August 31 $10,050 45,050 10,147 $10,147 $35,000 $34,903 Deposit in transit at August 31are $3,800, and checks outstanding at August 31 are determined to total of $1,050. The bookkeeper improperly entered one check in t he books at $146.50 which was written for $474.50 for supplies expense; it cleared the bank during the month of August. a. b. Prepare a bank reconciliation. Prepare any entries necessary to make the books correct balance

Explanation / Answer

a)

b)

LOGAN BRUNO COMPANY Bank Reconciliation August 31, 2017 Bank Statement Company's Book Balance as per bank $    8,089 Balance as per book $ 10,147 Add Additions Deposit in transit   $    3,800 Not collected by bank $ 1,000 Interest on note received $        40 $    1,040 Deductions Deductions Outstanding checks   $    1,050 Bank service charges $        20 Clerical error ($474.50-$146.50) $     328 $        348 Adjusted bank balance $ 10,839 Cash balance per reconciliation $ 10,839

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