2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company. Balance June 1-$9,947; Cash deposited-$37,120. Balance June 30-$10,094; Checks written-$36,973. The June bank statement shows a balance of $9,525 on June 30 and the following memoranda. Credits At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382. Instructions a. Prepare the bank reconciliation at June 30. b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account. Balance @ 06/30/2022 Adjusted Balance @ 06/30/2022 Debits $245 Collection of electronic funds transfer $884 NSF check: R. Doll Interest earned on checking accounts $26 Safety deposit box rent $35 Cash Book 0 Bank Statement Date Account Name Debit Credit
2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company. Balance June 1-$9,947; Cash deposited-$37,120. Balance June 30-$10,094; Checks written-$36,973. The June bank statement shows a balance of $9,525 on June 30 and the following memoranda. Credits At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382. Instructions a. Prepare the bank reconciliation at June 30. b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account. Balance @ 06/30/2022 Adjusted Balance @ 06/30/2022 Debits $245 Collection of electronic funds transfer $884 NSF check: R. Doll Interest earned on checking accounts $26 Safety deposit box rent $35 Cash Book 0 Bank Statement Date Account Name Debit Credit
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
Related questions
Question
Transcribed Image Text:Prepare bank reconciliation and adjusting entries.
2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company.
Balance June 1-$9,947; Cash deposited-$37,120.
Balance June 30-$10,094; Checks written-$36,973.
The June bank statement shows a balance of $9,525 on June 30 and the following memoranda.
Credits
At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382.
Instructions
a. Prepare the bank reconciliation at June 30.
b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account.
Balance @ 06/30/2022
Debits
Collection electronic funds transfer $884 NSF check: R. Doll $245
Interest earned on checking accounts $26 Safety deposit box rent $35
Adjusted Balance @ 06/30/2022
Cash
Book.
0
Bank
Statement.
Date
Account Name
Debit
0
Credit
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning