Question
Chicago Company has hired you to reconcile its bank statement and cash account. At June 30,...
Chicago Company has hired you to reconcile its bank statement and cash account. At June 30, 2019, the Cash account on the books showed the following:
Cash account
|
Date |
Explanation |
Debits |
Credits |
Balance |
|
June 1 |
Balance |
$5,600 |
||
|
June 1-30 |
Deposits |
$32,000 |
37,600 |
|
|
June 1-30 |
Checks |
$29,700 |
7,900 |
|
|
June 30 |
Balance |
7,900 |
The June bank statement, just received, showed the following:
|
June 1, balance |
$5,600 |
|
Deposits made in June |
29,000 |
|
Interest paid by the bank in June |
120 |
|
Checks paid in June |
(27,500) |
|
Bank service charge for June |
(50) |
|
NSF Charged (Brad Jolie, check returned for nonsufficient funds) |
(150) |
|
June 30, balance |
$7,020 |
There were neither outstanding checks nor deposits in transit at May 31, 2019.
A. Prepare the bank reconciliation at June 30, 2019.
B. Prepare the adjusting journal entries needed as a result of preparing the bank reconciliation.
Homework Answers
Answer #1
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