[The following information applies to the questions displayed below.]The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENTDateChecksDepositsOtherBalanceDec. 1       $45,6006$7,600      38,00011 530$27,000    64,47017 12,900      51,57023   35,000    86,57026 530      86,04030 17,800 18,000NSF*$280 85,96031    Interest earned 60 86,02031    Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A)Dec. 1Balance45,600     Deposits  Checks written during December:Dec. 11 27,000  7,600  23 35,000  530  30 18,000  12,900  31 12,000  530       130       17,800       4,500  Dec. 31Balance93,610       There were no deposits in transit or outstanding checks at November 30.  After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?If the company also has $280 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet? How would i answer the followin gquestions??

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Asked Apr 23, 2019
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[The following information applies to the questions displayed below.]

The December bank statement and cash T-account for Stewart Company follow:

 

BANK STATEMENT

Date Checks Deposits Other Balance
Dec. 1               $ 45,600
6 $ 7,600             38,000
11   530 $ 27,000         64,470
17   12,900             51,570
23       35,000         86,570
26   530             86,040
30   17,800   18,000 NSF* $ 280   85,960
31         Interest earned   60   86,020
31         Service charge   130   85,890
 

* NSF check from J. Left, a customer.

 

Cash (A)
Dec. 1 Balance 45,600          
Deposits     Checks written during December:
Dec. 11   27,000     7,600    
23   35,000     530    
30   18,000     12,900    
31   12,000     530    
          130    
          17,800    
          4,500    
Dec. 31 Balance 93,610          

  

There were no deposits in transit or outstanding checks at November 30.

 

 

  1. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?
  2. If the company also has $280 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet? 

How would i answer the followin gquestions??

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Expert Answer

Step 1

Preparation of the adjusting journal entries after the reconciliation statement. We have,

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Step 2

Preparation of the cash general ...

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