The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "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 account for cash showed the following (summarized): Balance, April 1, Current Year Interest collected Deposits during April Checks cleared during April NSF check-A. B. Wright Bank service charges BANK STATEMENT Balance, April 30, Current Year Checks Deposits Balance $32,500 $37,300 69,800 1,350 71,150 $44,500 300 70 26,650 26,350 26,280 26,280 Cash (A) Debit Credit April 1 Balance April Deposits 24,300 April Checks written 42,400 42,600 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $6,300 (including $4,400 written before and $1,900 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. P6-5 Part 2 2. Prepare the journal entries that the company should make as a result of the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list ☑
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "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 account for cash showed the following (summarized): Balance, April 1, Current Year Interest collected Deposits during April Checks cleared during April NSF check-A. B. Wright Bank service charges BANK STATEMENT Balance, April 30, Current Year Checks Deposits Balance $32,500 $37,300 69,800 1,350 71,150 $44,500 300 70 26,650 26,350 26,280 26,280 Cash (A) Debit Credit April 1 Balance April Deposits 24,300 April Checks written 42,400 42,600 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $6,300 (including $4,400 written before and $1,900 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. P6-5 Part 2 2. Prepare the journal entries that the company should make as a result of the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list ☑
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "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 account for cash showed the following (summarized):
Balance, April 1, Current Year
BANK STATEMENT
Deposits during April
Interest collected
Checks cleared during April
NSF check-A. B. Wright
Bank service charges
Balance, April 30, Current Year
Checks
Deposits
Balance
$32,500
$37,300
69,800
1,350
71,150
$44,500
300
70
26,650
26,350
26,280
26,280
Cash (A)
Debit
Credit
April 1 Balance
April Deposits
24,300
42,400
April Checks written
42,600
A comparison of checks written before and during April with the checks cleared through the bank showed outstanding
checks at the end of April of $6,300 (including $4,400 written before and $1,900 written during April). No deposits in
transit were carried over from March, but a deposit was in transit at the end of April.
P6-5 Part 2
2. Prepare the journal entries that the company should make as a result of the bank reconciliation.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
1 Record the entry for deposits during April.
2 Record the entry for checks cleared during April.
3 Record interest collected.
st
4
Record customer's check returned, insufficient funds.
5 Record the bank service charges deducted from bank
statement.
Credit
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