3. What was the balance in the cash account in the ledger on May 1, Current Year?Cash balance4. What total amount of cash should be reported on the balance sheet at the end of April?Total amount of cash !Required information[The following information applies to the questions displayed below.]The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don'thave time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper.The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized):BANK STATEMENTChecksDepositsBalance$31,100Balance, April 1, Current YearDeposits during April$36,20067,300Interest collected1,30068,600Checks cleared during April$45,30023,300NSF check-A. B. Wright23,040260120Bank service charges22,92022,920Balance, April 30, Current YearCash (A)Apr. 1 Balance41,50024,700 Apr. Checks written42,800Apr. DepositsA comparison of checks written before and during April with the checks cleared through the bank showed outstandingchecks at the end of April of $2,600 (including $1,560 written before and $1,040 written during April). No deposits intransit were carried over from March, but a deposit was in transit at the end of April.

The bank reconciliation is the process by which the difference between the bank balance and cash…

have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance, April 1, Current Year Balance $31,100 $36,200 67,300 Deposits during April Interest collected 1,300 68,600 $45,300 Checks cleared during April NSF check-A. B. Wright 23,300 260 23,040 Bank service charges 120 22,920 22,920 Balance, April 30, Current Year Cash (A) Apr. 1 Balance 41,500 24,700 Apr. Checks written. 42,800 Apr. Deposits A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $2,600 (including $1,560 written before and $1,040 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April.

have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance, April 1, Current Year Balance $31,100 $36,200 67,300 Deposits during April Interest collected 1,300 68,600 $45,300 Checks cleared during April NSF check-A. B. Wright 23,300 260 23,040 Bank service charges 120 22,920 22,920 Balance, April 30, Current Year Cash (A) Apr. 1 Balance 41,500 24,700 Apr. Checks written. 42,800 Apr. Deposits A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $2,600 (including $1,560 written before and $1,040 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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