The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current Year BANK STATEMENT Checks Deposits Balance $31,800 $36,900 68,700 1,270 69,970 $45,400 24,570 280 24,290 130 24,160 24,160 Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Cash (A) Debit Credit April 1 Balance April Deposits 23,900 April Checks written 42,300 43,800 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $6,300 (including $4,700 written before and $1,600 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April.
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current Year BANK STATEMENT Checks Deposits Balance $31,800 $36,900 68,700 1,270 69,970 $45,400 24,570 280 24,290 130 24,160 24,160 Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Cash (A) Debit Credit April 1 Balance April Deposits 23,900 April Checks written 42,300 43,800 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $6,300 (including $4,700 written before and $1,600 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.3E
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