As of June 30, Year 2, the bank statement showed an ending balance of $18.744. The unadjusted Cash account balance was $17,617. The following information is available: 1. Deposit in transit, $2,585. 2. Credit memo in bank statement for interest earned in June, $12. 3. Outstanding check, $3,713. 4. Debit memo for service charge, $13. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information. (Negative amounts should be indicated with minus sign.) Bank Reconciliation Unadjusted bank balance 6/30/Year 2 True cash balance 6/30/Year 2 Unadjusted book balance 6/30/Year 2 True cash balance 6/30/Year 2

As of June 30, Year 2, the bank statement showed an ending balance of $18.744. The unadjusted Cash account balance was $17,617. The following information is available: 1. Deposit in transit, $2,585. 2. Credit memo in bank statement for interest earned in June, $12. 3. Outstanding check, $3,713. 4. Debit memo for service charge, $13. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information. (Negative amounts should be indicated with minus sign.) Bank Reconciliation Unadjusted bank balance 6/30/Year 2 True cash balance 6/30/Year 2 Unadjusted book balance 6/30/Year 2 True cash balance 6/30/Year 2

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 7.18EX

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Question Content Area Using the following information: The bank statement balance is $5,065. The cash account balance is $5,459. Outstanding checks amounted to $866. Deposits in transit are $1,191. The bank service charge is $60. A check for $34 for supplies was recorded as $25 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
Required information Skip to question [The following information applies to the questions displayed below.] Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1 $ 7,360 Deposits during June $ 18,800 26,160 Checks cleared during June $ 19,900 6,260 Bank service charges $ 31 6,229 Balance, June 30 6,229 Cash (A) Debit Credit June 1 Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 Required:1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.
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Required information [The following information applies to the questions displayed below.] As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available: 1. Deposit in transit: $2,400. 2. Credit memo in bank statement for interest earned in June: $30. 3. Outstanding check: $6,690. 4. Debit memo for service charge: $20. b. Record in general journal format the adjusting entries necessary to correct the unadjusted book balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Exercise 6-11A (Algo) Determining the true cash balance, starting with the unadjusted bank balance LO 6-3 The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $56,805. 2. Deposits in transit on June 30 were $2,450. 3. A debit memo was included with the bank statement for a service charge of $27. 4. A $5,823 check written in June had not been paid by the bank. 5. The bank statement included a $1,300 credit memo for the collection of a note. The principal of the note was $1,245, and the interest collected amounted to $55. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance