Required informationSkip to question [The following information applies to the questions displayed below.] Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $11,930. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $7,214. A review of the bank statement revealed the following information: A deposit of $1,140 on August 31, Year 1, does not appear on the August bank statement.It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,800 but was recorded on the books as $2,700.When checks written during the month were compared with those paid by the bank, three checks amounting to $5,000 were found to be outstanding.A debit memo for $44 was included in the bank statement for the purchase of a new supply of checks.Requireda. Prepare a bank reconciliation at the end of August showing the true cash balance.b. Prepare any necessary journal entries to adjust the books to the true cash balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Could you fill up the following chart please ? a. Prepare a bank reconciliation at the end of August showing the true cash balance.HALL'S CARDSBank ReconciliationAugust 31, Year 1Unadjusted Bank Balance, August 31, Year 1True Cash Balance, August 31, Year 1Unadjusted Book Balance, August 31, Year 1True Cash Balance, August 31, Year 1$$00

Journal Entry :— It is an act of recording transaction in books of account when transaction…

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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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[The following information applies to the questions displayed below.]

Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1.

As of August 31, the bank statement shows a balance of $11,930. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $7,214. A review of the bank statement revealed the following information:

A deposit of $1,140 on August 31, Year 1, does not appear on the August bank statement.
It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,800 but was recorded on the books as $2,700.
When checks written during the month were compared with those paid by the bank, three checks amounting to $5,000 were found to be outstanding.
A debit memo for $44 was included in the bank statement for the purchase of a new supply of checks.

Required
a. Prepare a bank reconciliation at the end of August showing the true cash balance.

b. Prepare any necessary journal entries to adjust the books to the true cash balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Could you fill up the following chart please ?

a. Prepare a bank reconciliation at the end of August showing the true cash balance.
HALL'S CARDS
Bank Reconciliation
August 31, Year 1
Unadjusted Bank Balance, August 31, Year 1
True Cash Balance, August 31, Year 1
Unadjusted Book Balance, August 31, Year 1
True Cash Balance, August 31, Year 1
$
$
0
0

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