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
Not the answer you're looking for?
Similar Questions
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger account
for cash are summarized below:
BANK STATEMENT
Checks
Deposits
Balance
Balance, June 1
$
6,500
Deposits during June
$
16,200
22,700
Checks cleared during June
$
16,600
6,100
Bank service charges
40
6,060
Balance, June 30
6,060
Cash (A)
June 1 Balance
6,500
June Checks written
19,000
June Deposits
18,100
Required:
1. Reconcile the bank account. A comparison of
the checks written with the checks that have cleared the bank...
Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:...
Hills Company’s June
30 bank statement and the June ledger account for cash are
summarized here:
BANK STATEMENT
Checks
Deposits
Other
Balance
Balance, June 1
$
7,400
Deposits during June
$
19,000
26,400
Checks cleared during June
$
20,100
6,300
Bank
service charges
$
32
6,268
Balance, June 30
6,268
Cash (A)
June
1
Balance
6,900
June
Deposits
21,000
20,400
Checks written June
June
30
Balance
7,500
Lazer Company had the following bank reconciliation on June 30: Balance per bank statement, June 30
Lazer Company had the following bank reconciliation on June
30:
Balance per bank statement, June
30
3,000,000
Deposit in
transit
400,000
Total
3,400,000
Outstanding
checks
(900,000)
Balance per book, June
30
2,500,000
The bank statement for the month of July showed the
following:
Deposits, including P200, 000 note collected for
Lazer
9,000,000
Disbursements, including P140, 000 NSF customer check
and P10,000 service
charge
7,000,000
All reconciling items on June 30 cleared through the bank in
July. The...
Brown Corporation’s bank statement for September 30 showed a balance of $2,625. The company's Cash account...
Brown Corporation’s bank statement for September 30 showed a
balance of $2,625. The company's Cash account in its general ledger
showed a $1,995 debit balance. The following information was also
available as of September 30: A customer's note for $1,175 was
collected by the bank; outstanding checks amounted to $1,345; a $15
checks printing fee was charged on September 30 bank statement; a
$325 NSF check was returned to Brown Corporation; the September 30
cash receipts, $1,550, were placed in...
Cowboy Company’s bank statement for June 30 showed a cash balance of $8,652. The company’s general...
Cowboy Company’s bank statement for June 30 showed a cash
balance of $8,652. The company’s general ledger Cash account showed
a $6,933 debit balance. The following information was also
available as of June 30:
A customer’s note for $900 was collected by the bank.
A deposit placed in the bank’s night depository on June 30
totaled $3,456. This deposit did not appear on the bank
statement.
Outstanding checks as of June 30 totaled $4,560.
Included with the bank statement was...
The September 30 bank statement for Cadieux Company and the September ledger account for cash are...
The September 30 bank
statement for Cadieux Company and the September ledger account for
cash are summarized here:
BANK STATEMENT
Checks
Deposits
Other
Balance
Balance, September 1
$
2,060
September 7
NSF check
$
100
1,960
September 11
$
3,090
5,050
September 12
#101
$
830
4,220
September 17
#102
1,760
2,460
September 26
#103
2,330
130
September 29
EFT deposit
165
295
September 30
Service
charge
20
275
Cash (A)
Sep
1
Balance
2,060
Sep
10
3,090
830
...
Dodge Company developed the following information in recording its bank statement for the month of June....
Dodge Company developed the following information in recording
its bank statement for the month of June.
Balance per books June
30
$9,570
Balance per bank statement June
30
$11,100
———————————————————————————————————————
(1) Checks written
in June but still outstanding $4,290.
(2) Checks written
in May but still outstanding $830.
(3) Deposits of June
29 and 30 not yet recorded by bank $5,020.
(4) NSF check of
customer returned by bank $630.
(5) Check No. 210 to
Belderon Enterprises for...
4. The bank statement for Allen Co. indicates a balance of $8,000.00 on June 30. After...
4. The bank statement for Allen Co. indicates a balance of
$8,000.00 on June 30. After the books for June have been adjusted,
the cash account balance had a balance of $3,675.00. Prepare the
bank reconciliation on the basis of the following information:
Cash Receipts of $342 had been recorded on the books as
$324,
Deposits in transit not record by the bank, $500
Bank service charges, $25
Note collected by the bank and not yet notified to the
company,$3,250...
The cash records of Mercury Company show the following: 1. The June 30 bank reconciliation indicated...
The cash records of Mercury Company show the following:
1.
The June 30 bank reconciliation indicated that deposits in
transit totaled $790. During July the general ledger account Cash
shows deposits of $9,800, but the bank statement indicates that
only $8,240 in deposits were received during the month.
2.
The June 30 bank reconciliation also reported outstanding
checks of $1,200. During the month of July, Mercury Company books
show that $11,570 of checks were issued, yet the bank statement
showed...
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,476. The company's...
McDermott Company's bank statement for September 30 showed an
ending cash balance of $1,476. The company's Cash account in its
general ledger showed a $1,130 debit balance.
The following information was also available as of September
30.
The bank deducted $170 for an NSF check from a customer
deposited on September 15.
The September 30 cash receipts, $1,340, were placed in the
bank's night depository after banking hours on that date and this
amount did not appear on the September...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 53 seconds ago
asked 4 minutes ago
asked 21 minutes ago
asked 32 minutes ago
asked 36 minutes ago
asked 46 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago