Please explain how to calculate the results to the below problem. 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 shows outstanding checks of $2,400. A deposit of $1,900 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? 1. BENTLEY COMPANY Bank Reconciliation, June 30 Company's Books Bank Statement Additions: Additions: 0 0 0 Deductions: Deductions: 0 0 Correct cash Correct cash balance 2. No Date General Journal Debit Credit 1 June 30 Cash 16,200 2 June 30 Accounts receivable 18,100 3 June 30 Bank service charge expense 40
Please explain how to calculate the results to the below problem. 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 shows outstanding checks of $2,400. A deposit of $1,900 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? 1. BENTLEY COMPANY Bank Reconciliation, June 30 Company's Books Bank Statement Additions: Additions: 0 0 0 Deductions: Deductions: 0 0 Correct cash Correct cash balance 2. No Date General Journal Debit Credit 1 June 30 Cash 16,200 2 June 30 Accounts receivable 18,100 3 June 30 Bank service charge expense 40
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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Please explain how to calculate the results to the below problem.
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 shows outstanding checks of $2,400. A deposit of $1,900 is in transit at the end of June.
2. Prepare the
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?
1.
BENTLEY COMPANY | |||||
Bank Reconciliation, June 30 | |||||
Company's Books | Bank Statement | ||||
Additions: | Additions: | ||||
0 | |||||
0 | 0 | ||||
Deductions: | Deductions: | ||||
0 | 0 | ||||
Correct cash | Correct cash balance |
2.
No | Date | General Journal | Debit | Credit |
---|---|---|---|---|
1 | June 30 | Cash | 16,200 | |
2 | June 30 | 18,100 | ||
3 | June 30 | Bank service charge expense | 40 |
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