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The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATЕМENT Checks Deposits Balance $ 7,250 Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 $26,150 33,400 $26,900 6,500 6,300 6,260 6,260 200 40 Cash (A) Sept. 1 Balance Sept. Deposits 7,250 28,950 Sept. Checks written 29,050 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below.

The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATЕМENT Checks Deposits Balance $ 7,250 Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 $26,150 33,400 $26,900 6,500 6,300 6,260 6,260 200 40 Cash (A) Sept. 1 Balance Sept. Deposits 7,250 28,950 Sept. Checks written 29,050 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 59BPSB
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Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the bank account. BENNETT COMPANY Bank Reconciliation, September 30 Company's Books Bank Statement Ending balance per bank statement Ending balance per cash account 6,260 Additions: Additions: Deposit in transit 6,260 Deductions: Deductions: NSF check - - Betty Brown 200 Outstanding checks Bank service charges 40 240 Correct cash balance Correct cash balance
Transcribed Image Text:Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the bank account. BENNETT COMPANY Bank Reconciliation, September 30 Company's Books Bank Statement Ending balance per bank statement Ending balance per cash account 6,260 Additions: Additions: Deposit in transit 6,260 Deductions: Deductions: NSF check - - Betty Brown 200 Outstanding checks Bank service charges 40 240 Correct cash balance Correct cash balance
The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: ΒANK STATEΜΕNT Checks Deposits Balance Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 $ 7,250 33,400 6,500 $26,150 $26,900 6,300 6,260 6,260 200 40 Cash (A) Sept. 1 Balance Sept. Deposits 7,250 28,950 Sept. Checks written 29,050 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below.
Transcribed Image Text:The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: ΒANK STATEΜΕNT Checks Deposits Balance Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 $ 7,250 33,400 6,500 $26,150 $26,900 6,300 6,260 6,260 200 40 Cash (A) Sept. 1 Balance Sept. Deposits 7,250 28,950 Sept. Checks written 29,050 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below.
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