The following information is available for Anderson Co. for June 30, 2019: The bank statement balance is $7,000 The general ledger cash account balance is $5,322 Outstanding checks totaled $1,500 Deposits in transit are $400 The bank service charge is $22 Collection of a note by bank, $650 plus $50 in interest income. Error by bank in processing a check – overcharge to Anderson's account of $100, to be corrected July 2, 2019 Required: 1. Based on the previous information, prepare a bank reconciliation for Anderson Co. at June 30, 2019. 2. Based on the previous reconciliation, prepare any necessary adjusting journal entries. 3. List one example of internal controls over cash.
The following information is available for Anderson Co. for June 30, 2019:
The bank statement balance is $7,000
The general ledger cash account balance is $5,322
Outstanding checks totaled $1,500
Deposits in transit are $400
The bank service charge is $22
Collection of a note by bank, $650 plus $50 in interest income.
Error by bank in processing a check – overcharge to Anderson's account of $100, to be corrected July 2, 2019
Required:
1. Based on the previous information, prepare a bank reconciliation for Anderson Co. at June 30, 2019.
2. Based on the previous reconciliation, prepare any necessary
3. List one example of internal controls over cash.
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