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Logan Bruno Company has just received the August 31, 2025, bank statement, which is summarized...

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Accounting

Logan Bruno Company has just received the August 31, 2025, 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.

Cash
Balance, August 1 10,050 Disbursements in August 34,903
Receipts during August 35,000

Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,050. 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.

Instructions

  1. Prepare a bank reconciliation dated August 31, 2025, proceeding to a correct balance.
  2. Prepare any entries necessary to make the books correct and complete.
  3. What amount of cash should be reported in the August 31 balance sheet?
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