Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding ecks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a posit is in transit at the end of June. Bank Statement nding Balance per Bank Statement dditions: eductions: HILLS COMPANY Bank Reconciliation June 30 Company's Books Ending Balance per Cash Account Additions: Deductions:

Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding ecks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a posit is in transit at the end of June. Bank Statement nding Balance per Bank Statement dditions: eductions: HILLS COMPANY Bank Reconciliation June 30 Company's Books Ending Balance per Cash Account Additions: Deductions:

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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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

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Required:
1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding
checks of $300. 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.
Ending Balance per Bank Statement
Additions:
Deductions:
Bank Statement
Up-to-Date Cash Balance
HILLS COMPANY
Bank Reconciliation
June 30
Company's Books
Ending Balance per Cash Account
Additions:
Deductions:
Up-to-Date Cash Balance

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:
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
BANK STATEMENT
Checks
$ 18,700
Cash (A)
7,120
18, 200
6,320
Deposits
$ 17,600
Credit
19,000 Checks written
Other
$ 30
June
Balance
$ 7,120
24,720
6,020
5,990
5,990

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