a. The June 30 cash balance in the general ledger is $793. b. The June 30 balance shown on the bank statement is $325. c. Checks issued but not returned with the bank statement were Number 712 for $17 and Number 723 for $56. d. A deposit made late on June 30 for $466 is included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $66 that was deposited on June 24 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: a. 1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30. 2. Prepare the adjusting journal entry that should be prepared to reflect the reconciling items. b. What is the amount of cash to be included in the June 30 balance sheet for the bank account reconciled? Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30. Check my work
a. The June 30 cash balance in the general ledger is $793. b. The June 30 balance shown on the bank statement is $325. c. Checks issued but not returned with the bank statement were Number 712 for $17 and Number 723 for $56. d. A deposit made late on June 30 for $466 is included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $66 that was deposited on June 24 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: a. 1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30. 2. Prepare the adjusting journal entry that should be prepared to reflect the reconciling items. b. What is the amount of cash to be included in the June 30 balance sheet for the bank account reconciled? Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30. Check my work
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give image format
Transcribed Image Text:Required A1 Required A2 Required B
Prepare the adjusting journal entry that should be prepared to reflect the reconciling items.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
< A
Record the adjusting entry to reflect the reconciling items.
Note: Enter debits before credits.
Event
1
Show Transcribed Text
General Journal
Debit
a. The June 30 cash balance in the general ledger is $793.
b. The June 30 balance shown on the bank statement is $325.
c. Checks issued but not returned with the bank statement were Number 712 for $17 and Number 723 for $56.
Credit
d. A deposit made late on June 30 for $466 is included in the general ledger balance but not in the bank statement balance.
e. Returned with the bank statement was a notice that a customer's check for $66 that was deposited on June 24 had been returne
because the customer's account was overdrawn.
f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 wa
$65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a
payment of an account payable in the amount of $56.
Required A1 Required A2 Required B
Required:
a. 1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30.
2. Prepare the adjusting journal entry that should be prepared to reflect the reconciling items.
b. What is the amount of cash to be included in the June 30 balance sheet for the bank account reconciled?
Complete this question by entering your answers in the tabs below.
Amount of cash
>
< Required A2
What is the amount of cash to be included in the June 30 balance sheet for the bank account reconciled?
Required B >
Transcribed Image Text:a. The June 30 cash balance in the general ledger is $793.
b. The June 30 balance shown on the bank statement is $325.
c. Checks issued but not returned with the bank statement were Number 712 for $17 and Number 723 for $56.
d. A deposit made late on June 30 for $466 is included in the general ledger balance but not in the bank statement balance.
e. Returned with the bank statement was a notice that a customer's check for $66 that was deposited on June 24 had been returned
because the customer's account was overdrawn.
f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was
$65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a
payment of an account payable in the amount of $56.
Required:
a. 1. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30.
2. Prepare the adjusting journal entry that should be prepared to reflect the reconciling items.
b. What is the amount of cash to be included in the June 30 balance sheet for the bank account reconciled?
Complete this question by entering your answers in the tabs below.
Required A1 Required A2 Required B
Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items as on June 30.
Note: Enter decreases to account balances with a minus sign.
Assets
Balance Sheet
Liabilities
+ Stockholders' Equity
Net income
=
Check my work
Income !
Revenues
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