The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don'thave 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 YearDeposits during AprilInterest collectedChecks cleared during AprilNSF check-A. B. WrightBank service chargesBANK STATEMENTChecksDepositsBalance$32,200$36,50068,7001,28069,980$46,40023,58025023,33017023,16023,160Balance, April 30, Current YearCash (A)April 1DebitBalanceApril DepositsCredit24,000 April Checks written42,20044,600A comparison of checks written before and during April with the checks cleared through the bank showed outstandingchecks at the end of April of $6,400 (including $4,600 written before and $1,800 written during April). No deposits intransit were carried over from March, but a deposit was in transit at the end of April.P6-5 Part 44. What total amount of cash should be reported on the balance sheet at the end of April?Total amount of cash

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 Deposits during April Interest collected Checks cleared during April BANK STATEMENT Checks Deposits Balance $32,200 $36,500 68,700 1,280 69,980 $46,400 23,580 250 23,330 170 23,160 23,160 NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Cash (A) Debit Credit April 1 Balance April Deposits 24,000 42,200 April Checks written 44,600 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 $6,400 (including $4,600 written before and $1,800 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 4 4. What total amount of cash should be reported on the balance sheet at the end of April? Total amount of cash

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 Deposits during April Interest collected Checks cleared during April BANK STATEMENT Checks Deposits Balance $32,200 $36,500 68,700 1,280 69,980 $46,400 23,580 250 23,330 170 23,160 23,160 NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Cash (A) Debit Credit April 1 Balance April Deposits 24,000 42,200 April Checks written 44,600 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 $6,400 (including $4,600 written before and $1,800 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 4 4. What total amount of cash should be reported on the balance sheet at the end of April? Total amount of cash

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 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…
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Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, Number 5888 for $1,040 and Number 5893 for $493. Check Number 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. Date Description Withdrawals Deposits Balance September 1 $ 17,000 September 3 Check #5888 $ 1,040 $ 15,960 September 4 Check #5902 $ 742 $ 15,218 September 5 Cash deposit $ 1,112 $ 16,330 September 7 Check #5901 $ 1,849 $ 14,481 September 12 Cash deposit $ 2,250 $ 16,731 September 17 NSF check $ 627 $ 16,104 September 20 Check #5905 $ 993 $ 15,111 September 21 Cash deposit $ 4,067 $ 19,178 September 22 Check #5903 $ 399 $ 18,779 September 22 Check #5904 $ 2,093 $ 16,686 September 25 Cash deposit $ 2,398 $ 19,084 September 28 Check #5907 $ 256 $ 18,828 September 29 Check #5909 $ 1,858 $ 16,970…
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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
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