Required Information P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4 [The following Information applies to the questions displayed below.] The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance Balance, April 1, Current Year $32,500 Deposits during April $37,000 69,500 Interest collected 1,320 70,820 Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year $46,100 270 160 24,720 24,450 24,290 24,290 Cash (A) Debit Credit April 1 Balance April Deposits 25,400 43,000 April Checks written 43,900 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,900 (including $2,700 written before and $2,200 written during April). No deposits in transit were carried over from March, but a deposit was In transit at the end of April. P6-5 Part 3 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year? Cash balance
Required Information P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4 [The following Information applies to the questions displayed below.] The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance Balance, April 1, Current Year $32,500 Deposits during April $37,000 69,500 Interest collected 1,320 70,820 Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year $46,100 270 160 24,720 24,450 24,290 24,290 Cash (A) Debit Credit April 1 Balance April Deposits 25,400 43,000 April Checks written 43,900 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,900 (including $2,700 written before and $2,200 written during April). No deposits in transit were carried over from March, but a deposit was In transit at the end of April. P6-5 Part 3 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year? Cash balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required Information
P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4
[The following Information applies to the questions displayed below.]
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash
account, saying, "I don't have time." You have been asked to prepare a reconciliation and review
the procedures with the bookkeeper.
The April 30, Current Year, bank statement and the April ledger account for cash showed the
following (summarized):
BANK STATEMENT
Checks
Deposits
Balance
Balance, April 1, Current Year
$32,500
Deposits during April
$37,000
69,500
Interest collected
1,320
70,820
Checks cleared during April
NSF check-A. B. Wright
Bank service charges
Balance, April 30, Current Year
$46,100
270
160
24,720
24,450
24,290
24,290
Cash (A)
Debit
Credit
April 1 Balance
April Deposits
25,400
43,000
April Checks written
43,900
A comparison of checks written before and during April with the checks cleared through the bank
showed outstanding checks at the end of April of $4,900 (including $2,700 written before and
$2,200 written during April). No deposits in transit were carried over from March, but a deposit was
In transit at the end of April.
P6-5 Part 3
3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?
Cash balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ba0e587-a052-4bea-ab4d-afeecfa845fe%2F985bb80f-98cb-4b77-b44d-d1c0ec34cfde%2F1k6r6vc_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4
[The following Information applies to the questions displayed below.]
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash
account, saying, "I don't have time." You have been asked to prepare a reconciliation and review
the procedures with the bookkeeper.
The April 30, Current Year, bank statement and the April ledger account for cash showed the
following (summarized):
BANK STATEMENT
Checks
Deposits
Balance
Balance, April 1, Current Year
$32,500
Deposits during April
$37,000
69,500
Interest collected
1,320
70,820
Checks cleared during April
NSF check-A. B. Wright
Bank service charges
Balance, April 30, Current Year
$46,100
270
160
24,720
24,450
24,290
24,290
Cash (A)
Debit
Credit
April 1 Balance
April Deposits
25,400
43,000
April Checks written
43,900
A comparison of checks written before and during April with the checks cleared through the bank
showed outstanding checks at the end of April of $4,900 (including $2,700 written before and
$2,200 written during April). No deposits in transit were carried over from March, but a deposit was
In transit at the end of April.
P6-5 Part 3
3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?
Cash balance
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