ncesThe August, current year, bank statement for Allison Company and the August, current year, ledger account for cashfollow:DateAugust 123459101521242530BANK STATEMENT3031Checks andEFTS$380435280785205 EFT265$20,100850 EFT115 1*$2,800 interest collected.*Bank service charge.DebitAugust 1 BalanceDepositsAugust 2122431Deposits$12, 1004,2006,6502,800*16,615Balance$17,71017,33029,43028,99512,1004,2006,6505,40028,71527,93027,72531,92531,66011,56018,21017,36020,16020,045Cash (A)CreditChecks written and electronicfunds transfersAugust 24EFT 205785230410EFT 85026520,100Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July.1517182023 2253988ಕ152124303031265$20,100115 1*$2,800 interest collected.*Bank service charge.850 EFTDebitAugust 1 BalanceDepositsAugust 2Outstanding checks1224314,2006,6502,800*16,61512,1004,2006,6505,40031,92531,66011,56018,21017,36020,16020,045Cash (A)CreditChecks written and electronicfunds transfersAugust 24151718230410EFT 850202652320,100Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July.EFT 2057852. Compute the outstanding checks at the end of August by comparing the checks listed on the bank statement with those on thecash ledger account and the list of outstanding checks at the end of July.

A bank reconciliation statement is a summary of cash balance as per Bank and as per books that…

The August, current year, bank statement for Allison Company and the August, current year, ledger account for cash follow: Date August 1 3 4 5 9 10 15 21 24 BANK STATEMENT 30 31 Checks and EFTS $380 435 280 785 205 EFT 265 $20,100 850 EFT 115 t *$2,800 interest collected. *Bank service charge. Debit August 1 Balance Deposits August 2 12 Deposits 24 31 $12, 100 4,200 6,650 2,800. 16,615 Balance $17,710 12,100 4,200 6,650 5,400 17,330 29,430 28,995 28,715 27,930 27,725 31,925 31,660 11,560 18,210 17,360 20,160 20,045 Cash (A) Credit Checks written and electronic funds transfers EFT 205 785 15 230 17 410 18 EFT 850 265 20 23 20,100 Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July. August 2 4

The August, current year, bank statement for Allison Company and the August, current year, ledger account for cash follow: Date August 1 3 4 5 9 10 15 21 24 BANK STATEMENT 30 31 Checks and EFTS $380 435 280 785 205 EFT 265 $20,100 850 EFT 115 t $2,800 interest collected. Bank service charge. Debit August 1 Balance Deposits August 2 12 Deposits 24 31 $12, 100 4,200 6,650 2,800. 16,615 Balance $17,710 12,100 4,200 6,650 5,400 17,330 29,430 28,995 28,715 27,930 27,725 31,925 31,660 11,560 18,210 17,360 20,160 20,045 Cash (A) Credit Checks written and electronic funds transfers EFT 205 785 15 230 17 410 18 EFT 850 265 20 23 20,100 Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July. August 2 4

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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Bank reconciliation and entries The following information was available to reconcile Nelson Company's book cash balance with its bank statement as of September 30, 2021: The September 30 cash balance according to the accounting records was $21,870. Oustanding checks from August's bank reconciliation: Check # 356 $1,240 Check # 357 775 Check # 359 3,280 Check # 360 924 Below is a record of the cash receipts and cash payments for September: Cash Deposits Cash Payments Date Amount Check# Amount Sep 2 $8,359 361 $3,268 Sep 4 11,250 362 7,140 Sep 6 4,371 363 4,257 Sep 12 5,260 364 3,525 Sep 15 12,118 365 4,160 Sep 18 7,493 366 1,789 Sep 22 5,395 367 6,285 Sep 27…
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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?
What is the cash balance per books at November 30, 2021?
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.