Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT ChecksDepositsOtherBalanceBalance, June 1 $7,220 Deposits during June $18,100 25,320 Checks cleared during June$19,200 6,120 Bank service charges $40 6,080 Balance, June 30 6,080 Cash (A)June 1Balance7,220 JuneDeposits19,20019,500Checks writtenJuneJune 30Balance6,920 In addition to the balance in its bank account, Hills Company also has $320 of petty cash on hand. This amount is recorded in a separate T-account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?What would the total amount of cash be??

Prepare a bank reconciliation statement for Hills Company.

Answered: Hills Company’s June 30 bank statement…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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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								$	7,220
Deposits during June				$	18,100				25,320
Checks cleared during June	$	19,200							6,120
Bank service charges						$	40		6,080
Balance, June 30									6,080

Cash (A)
June 1	Balance	7,220
June	Deposits	19,200	19,500	Checks written	June
June 30	Balance	6,920

In addition to the balance in its bank account, Hills Company also has $320 of petty cash on hand. This amount is recorded in a separate T-account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?

What would the total amount of cash be??

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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