Bentley company’s june 30 bank statement and june ledger account for cash are summarized below:
bank statement
checks deposits balance balance, june 1 $ 7,550
deposits during june $ 15,700 23,250
checks cleared during june $ 16,750 6,500
bank service charges 25 6,475 balance, june 30
6,475 cash (a) june 1 balance 7,550
june checks written 19,650 june deposits 19,000
required:
1. reconcile the bank account. a comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $2,900. a deposit of $3,300 is in transit at the end of june.
2. prepare the journal entry that should be made as a result of the bank reconciliation.
3. what is the balance in the cash account after the reconciliation entries?
4. what is the total amount of cash that should be reported on the balance sheet at june 30?
Answers: 2
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Bentley company’s june 30 bank statement and june ledger account for cash are summarized below:
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