The September 30 bank statement for Bennett Company and the September ledger account for cash are...
The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here:
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?
Homework Answers
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| Bennett Company | |
| Workings for Answer 1 | |
| Calculation of bank balance as per books on 30th September | Amount $ |
| Opening Balance | 7,300.00 |
| Add: Deposits | 29,050.00 |
| Less: Cheque written | 29,550.00 |
| Bank balance as per books on 30th September | 6,800.00 |
| Answer 1 | ||||
| Bank reconciliation statement | Amount $ | Amount $ | ||
| Balance as per books | 6,800.00 | Balance as per bank | 6,733.00 | |
| Less: | Add: | |||
| Bank service charges | 57.00 | b. Deposit in transit (29050-26450) | 2,600.00 | |
| NSF Cheque- Betty Brown | 110.00 | |||
| Less: | ||||
| a. Outstanding cheque (29550- 26850) | 2,700.00 | |||
| Reconciled balance as per books | 6,633.00 | Reconciled balance as per bank | 6,633.00 |
| Answer 2 | ||
| Adjusting journal entries | ||
| Account | Debit $ | Credit $ |
| Bank Service charges | 57.00 | |
| Cash | 57.00 | |
| Betty Brown | 110.00 | |
| Cash | 110.00 |
| Answer 3 |
| Balance in cash account after reconciliation entries is $ 6,633. |
| Answer 4 |
| The total amount of cash company should report on September 30 is $ 6,633. |
Add Answer to:
The September 30 bank statement for Bennett Company and the September ledger account for cash are...
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The
September 30 bank statement for Cadieux Company and the September
ledger amount for cash are summarized here.
[The following information applies to the questions displayed below) The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: BANK STATEMENT C hecks Deposits PI B Other NSF check $100 $3.030 Balance, September 1 September 7 September 11 September 12 September 17 September 26 September 29 September 30 #101 $ 810 #102 1720 #103...
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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...
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