Hills Company's June 30 bank statement and the June ledger account for cast BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance 5-5 (Static) Part 1 $19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $.30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. 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

Hills Company's June 30 bank statement and the June ledger account for cast BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance 5-5 (Static) Part 1 $19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $.30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. 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

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.4.3P

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Hills Company's June 30 bank statement and the June ledger account for cash
BANK STATEMENT
Checks
Balance, June 1
Deposits during June
Checks cleared during June
Bank service charges
Balance, June 30
June 1
June
June 30
Debit
Balance
Deposits
Balance
E5-5 (Static) Part 1
$ 19,100
Cash (A)
6,800
19,000
6,400
Deposits
$ 18,000
Credit
19,400 Checks written
Other
$ 30
June
Balance
$ 7,200
25,200
6,100
6,070
6,070
Required:
1. Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding
checks of $700. 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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Question Content Area Bank reconciliation and entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $8,680. The bank statement indicated a balance of $11,180 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Checks outstanding totaled $4,020. A deposit of $4,190, representing receipts of July 31, had been made too late to appear on the bank statement. The bank had collected $2,180 on a note left for collection. The face of the note was $2,070. A check for $700 returned with the statement had been incorrectly recorded by Stone Systems as $770. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. A check drawn for $500 had been incorrectly charged by the bank as $50. Bank service charges for July amounted to $30.
Required information [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 $ 7,200 25,200 Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $18,000 $19,100 6,100 6,070 6,070 $30 Cash (A) June 1 Balance 6,800 June Deposits 19,000 19,400 Checks written June June 30 Balance 6,400