Please provide correct solution Question: 114Hills Company's June 30 bank statement and the June ledger accountfor cash are summarized here:BANK STATEMENTChecksDeposits OtherBalanceBalance, June 1$ 7,160Deposits during JuneChecks cleared during June $ 18,900Bank service chargesBalance, June 30Cash (A)$ 17,800$ 24,960$ 6,060$ 30$ 6,030$ 6,030$18,600 $19,200 Checks written JuneJune 1Balance$ 7,160JuneDepositsJune 30 Balance$ 6,560Required:Prepare a bank reconciliation. A comparison of the checks written withthe checks that have cleared the bank shows outstanding checks of$300. Some of the checks that cleared in June were written prior toJune. No deposits in transit were noted in May, but the deposit is intransit at the end of June.

Step 1: Introduction to the Bank Reconciliation:A bank reconciliation is an important part of the…

Answered: Question: 114 Hills Company's June 30…

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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Required information Skip to question [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 Balance, June 1 $ 7,360 Deposits during June $ 18,800 26,160 Checks cleared during June $ 19,900 6,260 Bank service charges $ 31 6,229 Balance, June 30 6,229 Cash (A) Debit Credit June 1 Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 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.
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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
Balance of cash in bank account 1,300,000Balance of bank statement 1,200,000Outstanding checks, August 31:Number 555 10,000761 55,000762 40,000763 25,000764 65,000765 70,000Receipts of August 31, deposited September 1 275,000The bank statement showed the following charges:a. Service charge for August 5,000b. NSF check received from a customer 85,000The cashier-bookkeeper had misappropriated 30,000 and an additional 10,000 by charging sales discounts and crediting accounts receivable.The stub for check number 765 and the invoice relating thereto show that it was for 50,000. The check was recorded incorrectly in the cash disbursements journal as 70,000. The check was drawn in payment of an account payable.Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located.Required:a. Prepare a bank reconciliation on August 31 using the adjusted balance method.b. Prepare adjusting entries in the Susan Company book on August 31
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Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance December 1 $ 55,200 December 6 $ 7,680 47,520 December 11 610 $ 28,000 74,910 December 17 16,900 58,010 95,010 94,400 89,640 89,720 89,510 December 23 37,000 December 26 610 December 30 23,400 19,000 NSF* $ 360 December 31 Interest earned 80 December 31 Service charge 210 NSF check from J. Left, a customer. Cash (A) Debit Credit December 1 Balance 55,200 Checks written during Deposits December: December 11 28,000 7,680 37,000 19,000 14,000 December 23 610 December 30 16,900 December 31 610 210 23,400 5,400 December 31 Balance 98,390 There were no deposits in transit or outstanding checks at November 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 Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Deposits Other Balance $ 7,200 25,200 6,100 6,070 6,070 $18,000 $19,100 $30 Cash (A) June 1 Balance 6,800 June Deposits 19,000 19,400 Checks written June June 30 Balance 6,400
Instructions Chart of Accounts Amount Descriptions General Journal Bank Reconciliation Instructions Miller Corporation's December 31, 2016, bank statement showed a $2,041.25 balance. On this date, Miller's Cash account reflected a $150.90 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $131.25. 2. Customer NSF check returned with bank statement, $426.20. Cash sales of $625.25 for the week ended December 18 were recorded on the books. The cashier 3 reports this amount missing, and it was not deposited in the bank. Note receivable of $2,400.00 and interest of $24 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $330.00. 6. A customer check for $195.40 in payment of its account was recorded on the books at $945.10. Outstanding checks, $2,030.55. Includes a duplicate check of $63.85 to C. Brown, who notified Miller 7. that the original was lost. Miller…
Question Content Area Using the following information: The bank statement balance is $5,065. The cash account balance is $5,459. Outstanding checks amounted to $866. Deposits in transit are $1,191. The bank service charge is $60. A check for $34 for supplies was recorded as $25 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14
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Question Content Area Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $15,965 Note receivable collected by bank 4,859 Outstanding checks 9,437 Deposits in transit 4,203 Bank service charge 201 NSF check 1,307 Using the above information, determine the cash balance per books (before adjustments) for Thompson Corporation. a.$19,316 b.$7,380 c.$14,082 d.$10,731
The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other BalanceBalance, April 1 $ 5,000 April 5 #101 $ 500 4,500 April 9 $ 1,500 6,000 April 12 #102 100 5,900 April 19 #103 150 5,750 April 22 #104 500 5,250 April 27 EFT payment $ 110 5,140 April 29 NSF check 70 5,070 April 30 Service charge 16 5,054 Cash (A)April 1 Balance 5,000 April 8 1,500 500 April 2 #101April 28 300 100 April 10 #102150 April 15 #103600 April 20 #104120 April 29 #105April 30 Balance 5,330 No outstanding checks and no deposits in transit were noted in March. However, there are deposits in transit and checks outstanding at the end of April. The EFT involved an automatic monthly payment to one of KMaxx’s creditors. Check #104 was written for $600. The NSF check had been received from a customer. Required: 1. Prepare a bank reconciliation for April. TIP: Put a check mark beside each item that appears on both the bank statement…

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