Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here:Balance, September 1Deposits recorded during SeptemberChecks cleared during SeptemberNSF checks-Betty BrownBank Service chargesBalance, September 30DebitSeptember 1 BalanceSeptember DepositsRequired 1Required 2View transaction list1BANK STATEMENTNo outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checksoutstanding at the end of September.Complete this question by entering your answers in the tabs below.7,00028,850Required:1. Complete the following bank reconciliation.2. Prepare the Journal entries that should be made as the result of the bank reconciliation.3. What should the balance in the Cash account be after the reconciliation entries?4. What total amount of cash should the company report on the September 30 balance sheet?Journal entry worksheet2Cash (A)3TransactionSeptember 30Required 3Note: Enter debits before credits.Checks$ 26,50014051CreditSeptember Checks writtenPrepare the journal entries that should be made as the result of the bank reconciliation. (If no entry is required for a transaction/event,select "No journal entry required" in the first account field.)Deposits$ 26,700Required 4Record the entry for checks cleared during September.General JournalBalance$ 7,00033,7007,2007,9607,0097,00929,450DebitCredit

"Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Required: 1. Complete the following bank reconciliation. 2. Prepare the Journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet?

Required: 1. Complete the following bank reconciliation. 2. Prepare the Journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet?

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

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here:
Balance, September 1
Deposits recorded during September
Checks cleared during September
NSF checks-Betty Brown
Bank Service charges
Balance, September 30
Debit
September 1 Balance
September Deposits
Required 1
Required 2
View transaction list
1
BANK STATEMENT
No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks
outstanding at the end of September.
Complete this question by entering your answers in the tabs below.
7,000
28,850
Required:
1. Complete the following bank reconciliation.
2. Prepare the Journal entries that should be made as the result of the bank reconciliation.
3. What should the balance in the Cash account be after the reconciliation entries?
4. What total amount of cash should the company report on the September 30 balance sheet?
Journal entry worksheet
2
Cash (A)
3
Transaction
September 30
Required 3
Note: Enter debits before credits.
Checks
$ 26,500
140
51
Credit
September Checks written
Prepare the journal entries that should be made as the result of the bank reconciliation. (If no entry is required for a transaction/event,
select "No journal entry required" in the first account field.)
Deposits
$ 26,700
Required 4
Record the entry for checks cleared during September.
General Journal
Balance
$ 7,000
33,700
7,200
7,960
7,009
7,009
29,450
Debit
Credit

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Step 3: Requirement 2- Preparing journal entries as a result of bank reconciliation:

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Step 4: Requirement 3- Calculation of balance in cash account after reconciliation entries:

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