!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 STATEMENTChecksBalance, June 1Deposits during JuneChecks cleared during JuneBank service chargesBalance, June 30Deposits Other Balance$ 7,20025,2006,1006,070$18,000$19,100$306,070Cash (A)June 1Balance6,800JuneDeposits19,00019,400Checks written JuneJune 30Balance6,4004. In addition to the balance in its bank account, Hills Company also has $300 of petty cash on hand. This amount isrecorded in a separate T-account called Petty Cash on Hand. What is the total amount of cash that should be reportedon the balance sheet at June 30?Total Amount of Cash

A bank reconciliation statement aligns a corporation's bank account with its accounting records by…

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 Deposits Other Balance $ 7,200 25,200 6,100 6,070 6,070 Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $18,000 $19,100 $30 Cash (A) June 1 June Balance Deposits 6,800 19,000 19,400 Checks written June June 30 Balance 6,400 4. In addition to the balance in its bank account, Hills Company also has $300 of petty cash on hand. This amount is recorded in a separate T-account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? Total Amount of Cash

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 Deposits Other Balance $ 7,200 25,200 6,100 6,070 6,070 Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $18,000 $19,100 $30 Cash (A) June 1 June Balance Deposits 6,800 19,000 19,400 Checks written June June 30 Balance 6,400 4. In addition to the balance in its bank account, Hills Company also has $300 of petty cash on hand. This amount is recorded in a separate T-account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? Total Amount of Cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The information below relates to the Cash account in the ledger of Vaughn Company. Balance September 1-$17,450; Balance September 30-$17,664; The September bank statement shows a balance of $16,682 on September 30 and the following memoranda. Cash deposited-$64.240. Checks written-$64,026. Credits Collection of $1,622 note plus interest $38 $1,660 Interest earned on checking account $53 (a) At September 30, deposits in transit were $4,580, and outstanding checks totaled $2,513. : NSF check: Richard Nance $555 Safety deposit box rent $73 Debits Prepare the bank reconciliation at September 30. (List items that increase cash balance first.) VAUGHN COMPANY Bank Reconciliation $ $ $ $ $
Can i please get help with this practice question? 7.6 The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $24,854 debit balance, but its July bank statement shows a $26,714 cash balance. Check Number 3031 for $1,310, Check Number 3065 for $431, and Check Number 3069 for $2,078 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270. The July bank statement shows the bank collected $8,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $12 bank service charge. It has not yet been recorded in miscellaneous…
The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current. Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Debit April 1 Balance April Deposits BANK STATEMENT Cash balance Checks Cash (A) $45,500 270 150 Deposits $37,200 1,210 Credit 25,300 April Checks written 43,400 Balance $31,500 68,700 69,910 24,410 24,140 23,990 23,990 43,700 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 $4,400 (including $2,600 written before and $1,800 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year?
Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,672 debit balance, but its July bank statement shows a $27,829 cash balance. b. Check No. 3031 for $1,430, Check No. 3065 for $491, and Check No. 3069 for $2,198 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230. d. The July bank statement shows the bank collected $10,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $15 bank service charge. It has…
The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
This information relates to the Cash account for Cullumber Company. Balance September 1-$17,090; Cash deposited-$64,000 Balance September 30-$18,290; Checks written-$62,800 The September bank statement shows a balance of $17,190 at September 30 and the following memoranda. Credits Collection of electronic funds transfer Interest earned on checking account $1,990 50 Debits NSF check: H. Kane Safety deposit box rent $720 65 At September 30, deposits in transit were $4,903 and outstanding checks totaled $2,548.
The information below relates to the Cash Account in the Ledger of Vaughn Company. Balance September 1-$17,060; Cash Deposited-$64,330. Balance September 30-$17,784: Checks written-$63,606. The September bank statement shows a balance of $16,802 on September 30 and the following memoranda. CREDITS Collection of $1684 note plus interest $36 $1720 Interest earned on checking account $51 DEBITS NSF check: Richard Nance $615 Safety Deposit box Rent $71 At September 20, Deposits in Transit were $4640, and outstanding checks totaled $2573 Make a bank Recociliation
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Cash (A) Debit June 1 Checks $ 19,900 Deposits Other $ 18,800 Credit Balance 7,360 June Deposits 20,600 20,200 Checks written June June 30 Balance 7,760 $31 Balance $ 7,360 26,160 6,260 6,229 6,229 1. In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?
! Required information [The following information applies to the questions displayed below.] The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: Balance, September 1 September 7 September 11 September 12 September 17 September 26 September 29 September 30 September 1 September 10 September 30 Debit Balance September 30. Balance Checks Total Amount of Cash # 101 # 102 # 103 BANK STATEMENT Deposits $ 810 1,720 2,310 Cash (A) 2,020 3,030 810 2,550 1,720 2,310 50 2,710 $ 3,030 NSF check EFT deposit Service charge Credit Other September 10 September 15. September 22 September 28 # 101 # 102 # 103 # 104 $ 100 155 20 Balance $ 2,020 1,920 4,950 4,140 2,420 110 265 245 No outstanding checks and no deposits in transit were noted in August. However, there are deposits in transit and checks outstanding at the end of September. The NSF check and EFT involved transactions with Cadieux Company's customers. 4. If the company also has $420…
Required information The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,658 debit balance, but its July bank statement shows a $27,216 cash balance. Check Number 3031 for $1,190, Check Number 3065 for $371, and Check Number 3069 for $1,958 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. The July bank statement shows the bank collected $9,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $14 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous…
1. The following information relates to the Cash account in the ledger of Lee Company. Balance September 1—$25,725; Cash deposited—$96,000. Balance September 30—$22,225; Checks written—$99,500. The September bank statement shows a balance of $24,635 on September 30 and the following memoranda. Credits Debits Collection of a $4,250 note plus interest $50 $4,300 NSF check: J. E. Hoover $735 Interest earned on checking account $40 Safety deposit box rent $75 At September 30, deposits in transit were $4,695, and outstanding checks totaled $3,575. Instructions Prepare the bank reconciliation at September 30.
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 $ 7,320 Deposits during June $ 18,600 25,920 Checks cleared during June $ 19,700 6,220 Bank service charges $ 31 6,189 Balance, June 30 6,189 Cash (A) Debit Credit June 1 Balance 7,320 June Deposits 20,200 20,000 Checks written June June 30 Balance 7,520 E5-5 (Algo) Part 1 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.