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Exercise 7-25 Concord Company has just received the August 31, 2017, bank statement, which is...

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Accounting

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Exercise 7-25 Concord Company has just received the August 31, 2017, bank statement, which is summarized below Balance, August 1 Deposits during August Note colected for depositee, induding $49 interest Checks deared duning August Bank service charpes Balance, August 3 $29,252 1268 11,421 50,,673 194 42,056 9,863 The general ledger Cash account contained the following entries for the month of August. Cash 12,251 n Aupust42551 Balance, August 1 Receipts during August Deposits in transit at August 31 are $4,632, and checks outstanding at August 31 total $1,280. Cash on hand at August 31 is $378. 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 Prepare a bank reconciliation dated August 31, 2017, proceeding to a correct balance. CONCORD COMPANY Bank August 31, 2017 County National Bank

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