The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, current year, bank statement and the April ledger accounts for cash showed the following (summarized): Balance, March 31, current year Deposits during April Notes collected for company (including $83 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, current year Mar. 31 Balance Apr. Deposits Bank Statement Apr. 30 Balance Cash in Bank 24,800 43,450 Apr. Cheques written Cash on Hand 230 Cheques Deposits Balance $33,600 71,000 72,310 26,510 26,337 26, 254 26,254 $45,800 173 83 $ 37,400 1,310 42,400 A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,400 are still outstanding at April 30. No deposits in transit were carried over from March, but a deposit was in transit at April 30. 2. Prepare any required journal entries as a result of the reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list No 1 2 3 Transaction 1 2 View journal entry worksheet 3 Cash Notes receivable Interest revenue General Journal Accounts receivable (A. B. Wright) Cash Bank service charge expense Cash Debit Credit Ⓒ
The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, current year, bank statement and the April ledger accounts for cash showed the following (summarized): Balance, March 31, current year Deposits during April Notes collected for company (including $83 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, current year Mar. 31 Balance Apr. Deposits Bank Statement Apr. 30 Balance Cash in Bank 24,800 43,450 Apr. Cheques written Cash on Hand 230 Cheques Deposits Balance $33,600 71,000 72,310 26,510 26,337 26, 254 26,254 $45,800 173 83 $ 37,400 1,310 42,400 A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,400 are still outstanding at April 30. No deposits in transit were carried over from March, but a deposit was in transit at April 30. 2. Prepare any required journal entries as a result of the reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list No 1 2 3 Transaction 1 2 View journal entry worksheet 3 Cash Notes receivable Interest revenue General Journal Accounts receivable (A. B. Wright) Cash Bank service charge expense Cash Debit Credit Ⓒ
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, "I don't have
time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper.
The April 30, current year, bank statement and the April ledger accounts for cash showed the following (summarized):
Balance, March 31, current year
Deposits during April
Notes collected for company (including $83 interest)
Cheques cleared during April
NSF cheque-A. B. Wright
Bank service charges
Balance, April 30, current year
Mar. 31 Balance
Apr. Deposits
Bank Statement
Apr. 30 Balance
Cash in Bank
24,800
43,450 Apr. Cheques written
Cash on Hand
230
Cheques Deposits Balance
$33,600
71,000
72,310
26,510
26,337
26, 254
26,254
$45,800
173
83
$ 37,400
1,310
42,400
A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,400
are still outstanding at April 30. No deposits in transit were carried over from March, but a deposit was in transit at April 30.
Transcribed Image Text:2. Prepare any required journal entries as a result of the reconciliation. (If no entry is required for a transaction/event, select "No
journal entry required" in the first account field.)
View transaction list
No
1
2
3
Transaction
1
2
View journal entry worksheet
3
Cash
Notes receivable
Interest revenue
General Journal
Accounts receivable (A. B. Wright)
Cash
Bank service charge expense
Cash
Debit
Credit
Ⓒ
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