1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstandingchecks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but adeposit is in transit at the end of June.HILLS COMPANYBank ReconciliationJune 30Bank StatementCompany's BooksEnding Balance per Bank StatementEnding Balance per Cash AccountAdditions:Additions:Deductions:Deductions:Up-to-Date Cash BalanceUp-to-Date Cash Balance Required information[The following information applies to the questions displayed below.]Hills Company's June 30 bank statement and the June ledger account for cash are summarized here:BANK STATEMENTChecksDeposits Other Balance$ 7,20025,200Balance, June 1Deposits during JuneChecks cleared during JuneBank service chargesBalance, June 30$18,000$19,1006,1006,0706,070$30Cash (A)June 1Balance6,800JuneDeposits19,00019,400Checks written JuneJune 30Balance6,400

Bank Reconciliation Statement is a statement which is prepared to reconcile cash balance as per 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 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) 6,800 June 1 Balance June Deposits 19,000 19,400 Checks written June June 30 Balance 6,400

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) 6,800 June 1 Balance June Deposits 19,000 19,400 Checks written June June 30 Balance 6,400

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.4E

See similar textbooks

Similar questions

Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.
Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.
Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235
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
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.
! 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 BANK STATEMENT Checks Deposits Other Balance $ 7,200 $ 18,000 25,200 $ 19,100 6,100 $ 30 6,070 6,070 Cash (A) Debit Credit June 1 June June 30 Balance 6,800 Deposits Balance 19,000 6,400 19,400 Checks written June 3. What is the balance in the Cash account after the reconciliation entries? 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: 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 $18,000 $19,100 $30 6,070 Cash (A) June 1 Balance 6,800 June Deposits 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
19. 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 What is the balance in the Cash account after the reconciliation entries?
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 companys Cash account has a $25,129 debit balance, but its July bank statement shows a $27,041 cash balance. b. Check No. 3031 for $1,330, Check No. 3065 for $441, and Check No. 3069 for $2,098 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in the accounting records as $1,200. d. The July bank statement shows the bank collected $6,500 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 $10 bank service charge. It has not…
! 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) 6,800 19,000 June 1 Balance June Deposits 19,400 Checks written June June 30 Balance 6,400 3. What is the balance in the Cash account after the reconciliation entries? Cash Balance
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 $25,676 debit balance, but its July bank statement shows a $27,736 cash balance. b. Check No. 3031 for $1,390, Check No. 3065 for $471, and Check No. 3069 for $2,158 are outstanding checks as of July 31. c. Check No. 3056 for July rent expense was correctly written and drawn for $1,220 but was erroneously entered in the accounting records as $1,210. d. 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. 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 $12 bank service charge. It has…