Below is information about Lisa Ltd’s cash position for the month of June 2019. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. The cash receipts journal showed total cash receipts of $292,704 for June. The cash payments journal showed total cash payments of $265,074 for June. The June bank statement reported a bank balance of $41,184 on 30 June. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and 3462, $410. Cash receipts of $10,090 for 30 June were not included in the June bank statement. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120 required: b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. c) Prepare a bank reconciliation statement at 30 June. d) What is the amount of cash that should be reported on the 30 June balance sheet?
Below is information about Lisa Ltd’s cash position for the month of June 2019. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. The cash receipts journal showed total cash receipts of $292,704 for June. The cash payments journal showed total cash payments of $265,074 for June. The June bank statement reported a bank balance of $41,184 on 30 June. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and 3462, $410. Cash receipts of $10,090 for 30 June were not included in the June bank statement. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120 required: b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. c) Prepare a bank reconciliation statement at 30 June. d) What is the amount of cash that should be reported on the 30 June balance sheet?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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Below is information about Lisa Ltd’s cash position for the month of June 2019.
- The general ledger Cash at Bank account had a balance of $21,200 on 31 May.
- The cash receipts journal showed total cash receipts of $292,704 for June.
- The cash payments journal showed total cash payments of $265,074 for June.
- The June bank statement reported a bank balance of $41,184 on 30 June.
- Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and
- 3462, $410.
- Cash receipts of $10,090 for 30 June were not included in the June bank statement.
- Included on the bank statement were:
a dishonoured cheque written by a client James Ltd, $136
a credit for an electronic transfer from a customer of $644
interest earned, $44
account and transaction fees, $120
required:
- b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.
- c) Prepare a
bank reconciliation statement at 30 June. - d) What is the amount of cash that should be reported on the 30 June
balance sheet ?
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