Question

And if someone could explain how you got the answer

The December bank statement and cash T-account for Stewart Company follow BANK STATEMENT Checks Date Deposits Other Balance Dec. 1 57,600 49,900 77,270 59,370 96,370 95,740 89,560 $ 7,700 11 630 $28,000 17 17,9ת 23 37,000 26 630 NSF 30 31 24,800 19,000 $380 90 Interest earned 89,650 89,420 31 Service charge 230 NSF check from J. Left, a customer Cash (A) Dec. 1 Balance Deponits Dec. 11 57,600 Checks written during December1 28,000 37,000 7,700 630 23 30 31 19,000 14,000 17,900 630 230 24,800 5,700 98,010 Dec. 31 Balance There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $380 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? 5. Balance in Cash Account 6 Tetal Amouint of Cach and Cash Furalente Prev 4 of 10 Next 23 37,000 96,370 95,740 89,560 89,650 89,420 26 630 30 24,800 19,000 NSP Interest earned Service charge $380 90 230 31 31 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 57,600 Deposits Dec. 11 23 Checks written during December 28,000 37,000 19,000 14,000 7,700 630 30 17,90ה 31 630 230 24,800 5,700 Dec. 31 Balance 98,010 There were no deposits in transit or outstanding checks at November 30. 5. After the reconcilation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $380 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? 5. Balance in Cash Account 6. Total Amount of Cash and Cash Equivalents Prev 4 of 10 Next >

Answer 1

Answer 5.

Unadjusted Cash Balance = $98,010
Interest Earned = $90
NSF Check = $380
Service Charge = $230

Adjusted Cash Balance = Unadjusted Cash Balance + Interest Earned - NSF Check - Service Charge
Adjusted Cash Balance = $98,010 + $90 - $380 - $230
Adjusted Cash Balance = $97,490

So, balance in cash account after reconciliation journal entries are posted is $97,490.

Answer 6.

Balance of Cash and Cash Equivalents = Balance of Cash + Balance of Petty Cash
Balance of Cash and Cash Equivalents = $97,490 + $380
Balance of Cash and Cash Equivalents = $97,870