Business, 07.04.2020 01:08, akbogg3893
Preparing a bank reconciliation and journal entries and reporting cash:
Hill's Company's June 30, 2013 bank statement and the June ledger account for cash are summarized here:
Bank Statement
Checks Deposits Other Balance
Balance June 1, 2013, $7,200
Deposits during June $18,000 $25
Checks cleared during June $19,100 $6,100
Bank service charges $30 $6,070
Balance June 30 2013 $6,070
Cash(A)
June 1 Balance 6,800 June Deposits 19,000 June 30 6,40019,400 checks written June.
Required:
a. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
b. Give any journal entries that should be made as a result of the bank reconciliation.
c. What is the balance in the Cash account after the reconciliation entries?
d. In addition to the balance in its bank account Hills Company also has $300 cash on hand. This amount is recorded in a separate T account called Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
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Preparing a bank reconciliation and journal entries and reporting cash:
Hill's Company's June...
Hill's Company's June...
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