TB Problem Qu. 6-131 (Static) Chicago Company has hired you to...Chicago Company has hired you to reconcile its bank statement and cash account. At June 30, 2022, the Cash account on the booksshowed the following:Cash accountDateJune 1ExplanationBalanceDebitsCreditsJune 1-30Deposits$ 32,000June 1-30Checks$ 29,700Balance$ 5,60037,6007,900The June bank statement, just received, showed the following:June 1, balanceDeposits made in JuneInterest paid by the bank in JuneChecks paid in JuneBank service charge for JuneNSF Charged (Brad Jolie, check returned for nonsufficient funds)June 30, balance$ 5,60029,000120(27,500)(50)(150)$ 7,020There were neither outstanding checks nor deposits in transit at May 31, 2022.Required:A. Prepare the bank reconciliation at June 30, 2022.B. Prepare the adjusting journal entries needed as a result of preparing the bank reconciliation.Complete this question by entering your answers in the tabs below.

Bank reconciliation is a process used by individuals or businesses to insure that their fiscal…

TB Problem Qu. 6-131 (Static) Chicago Company has hired you to... Chicago Company has hired you to reconcile its bank statement and cash account. At June 30, 2022, the Cash account on the books showed the following: Cash account Date June 1 Explanation Balance Debits Credits June 1-30 June 1-30 Deposits Checks $ 32,000 $ 29,700 Balance $ 5,600 37,600 7,900 The June bank statement, just received, showed the following: June 1 balance $5,600 20.999

TB Problem Qu. 6-131 (Static) Chicago Company has hired you to... Chicago Company has hired you to reconcile its bank statement and cash account. At June 30, 2022, the Cash account on the books showed the following: Cash account Date June 1 Explanation Balance Debits Credits June 1-30 June 1-30 Deposits Checks $ 32,000 $ 29,700 Balance $ 5,600 37,600 7,900 The June bank statement, just received, showed the following: June 1 balance $5,600 20.999

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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! 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…
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