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 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 2 Prepare any journal entries that should be made as a result of the bank reconciliation.
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 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 2 Prepare any journal entries that should be made as a result of the bank reconciliation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 | $ 7,320 | |||
| Deposits during June | $ 18,600 | 25,920 | ||
| Checks cleared during June | $ 19,700 | 6,220 | ||
| Bank service charges | $ 31 | 6,189 | ||
| Balance, June 30 | 6,189 |
| Cash (A) | |||||
|---|---|---|---|---|---|
| Debit | Credit | ||||
| June 1 | Balance | 7,320 | |||
| June | Deposits | 20,200 | 20,000 | Checks written | June |
| June 30 | Balance | 7,520 |
E5-5 (Algo) Part 2
-
Prepare any
journal entries that should be made as a result of the bank reconciliation.
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