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): BANK STATEMENT Balance, April 1, Current Year 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 $31,700 $36,400 68,100 1,200 69,300 $46,300 23,000 340 22,660 120 22,540 22,540 Cash (A) Debit Credit April 1 Balance April Deposits 24,600 April Checks written 42,700 44,300 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 $5,100 (including $3,100 written before and $2,000 written during April). No deposits in tr were carried over from March, but a deposit was in transit at the end of April.
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): BANK STATEMENT Balance, April 1, Current Year 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 $31,700 $36,400 68,100 1,200 69,300 $46,300 23,000 340 22,660 120 22,540 22,540 Cash (A) Debit Credit April 1 Balance April Deposits 24,600 April Checks written 42,700 44,300 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 $5,100 (including $3,100 written before and $2,000 written during April). No deposits in tr were carried over from March, but a deposit was in transit at the end of April.
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 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
Checks
Deposits
Balance
$31,700
$36,400
68,100
1,200
69,300
$46,300
23,000
340
120
22,660
22,540
22,540
Deposits during April
Interest collected
Checks cleared during April
NSF check-A. B. Wright
Bank service charges
Balance, April 30, Current Year
Cash (A)
April 1
Debit
Balance
April Deposits
Credit
24,600 April Checks written
42,700
44,300
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 $5,100 (including $3,100 written before and $2,000 written during April). No deposits in transit
were carried over from March, but a deposit was in transit at the end of April.
Required:
1. Complete the following bank reconciliation.
JEFFERSON COMPANY
Bank Reconciliation
April 30, Current Year
Company's Books
Ending balance per cash account
Additions:
Interest collected
1,200
Deductions:
NSF A. B. Wright
340
Bank charges
120
Correct cash balance
Bank Statement
Ending balance per bank statement
Additions:
$
22,540
Deposits in transit
7,900
1,200
1,200
Deductions:
Outstanding checks
5,100
460
$
740 Correct cash balance
7,900
30,440
5,100
$
2,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84cb8446-6a83-46ff-b4b0-470f998a7c2e%2Fe4b89e3c-7c1a-4a7c-aa66-fa52dee3e25c%2F55ib2ug_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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
Checks
Deposits
Balance
$31,700
$36,400
68,100
1,200
69,300
$46,300
23,000
340
120
22,660
22,540
22,540
Deposits during April
Interest collected
Checks cleared during April
NSF check-A. B. Wright
Bank service charges
Balance, April 30, Current Year
Cash (A)
April 1
Debit
Balance
April Deposits
Credit
24,600 April Checks written
42,700
44,300
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 $5,100 (including $3,100 written before and $2,000 written during April). No deposits in transit
were carried over from March, but a deposit was in transit at the end of April.
Required:
1. Complete the following bank reconciliation.
JEFFERSON COMPANY
Bank Reconciliation
April 30, Current Year
Company's Books
Ending balance per cash account
Additions:
Interest collected
1,200
Deductions:
NSF A. B. Wright
340
Bank charges
120
Correct cash balance
Bank Statement
Ending balance per bank statement
Additions:
$
22,540
Deposits in transit
7,900
1,200
1,200
Deductions:
Outstanding checks
5,100
460
$
740 Correct cash balance
7,900
30,440
5,100
$
2,800
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