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What amount of cash should be reported in the august 31

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1. Bank Reconciliation and Adjusting Entries Aragon Company has just received the August 31, 2010, bank statement, which is summarized below. 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.

(a) Prepare a bank reconciliation dated August 31, 2010, proceeding to a correct balance.

(b) Prepare any entries necessary to make the books correct and complete.

(c) What amount of cash should be reported in the August 31 balance sheet? 

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Reference no: EM131113366

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