The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATЕМENT Checks Deposits Balance $ 7,250 Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 $26,150 33,400 $26,900 6,500 6,300 6,260 6,260 200 40 Cash (A) Sept. 1 Balance Sept. Deposits 7,250 28,950 Sept. Checks written 29,050 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below.
The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATЕМENT Checks Deposits Balance $ 7,250 Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 $26,150 33,400 $26,900 6,500 6,300 6,260 6,260 200 40 Cash (A) Sept. 1 Balance Sept. Deposits 7,250 28,950 Sept. Checks written 29,050 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required:
1. Reconcile the bank account.
2. Prepare the journal entries that should be made as the result of the bank reconciliation.
3. What should the balance in the Cash account be after the reconciliation entries?
4. What total amount of cash should the company report on the September 30 balance sheet?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Reconcile the bank account.
BENNETT COMPANY
Bank Reconciliation, September 30
Company's Books
Bank Statement
Ending balance per bank statement
Ending balance per cash account
6,260
Additions:
Additions:
Deposit in transit
6,260
Deductions:
Deductions:
NSF check -
- Betty Brown
200
Outstanding checks
Bank service charges
40
240
Correct cash balance
Correct cash balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc75d5a7b-ab63-418d-802a-b949799fef2b%2F7fc2060d-ec93-48dc-ab3b-975df65ee682%2F574bws_processed.png&w=3840&q=75)
Transcribed Image Text:Required:
1. Reconcile the bank account.
2. Prepare the journal entries that should be made as the result of the bank reconciliation.
3. What should the balance in the Cash account be after the reconciliation entries?
4. What total amount of cash should the company report on the September 30 balance sheet?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Reconcile the bank account.
BENNETT COMPANY
Bank Reconciliation, September 30
Company's Books
Bank Statement
Ending balance per bank statement
Ending balance per cash account
6,260
Additions:
Additions:
Deposit in transit
6,260
Deductions:
Deductions:
NSF check -
- Betty Brown
200
Outstanding checks
Bank service charges
40
240
Correct cash balance
Correct cash balance
![The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here:
ΒANK STATEΜΕNT
Checks
Deposits
Balance
Balance, September 1
Deposits recorded during September
Checks cleared during September
NSF checks-Betty Brown
Bank service charges
Balance, September 30
$
7,250
33,400
6,500
$26,150
$26,900
6,300
6,260
6,260
200
40
Cash (A)
Sept. 1 Balance
Sept. Deposits
7,250
28,950
Sept. Checks written
29,050
No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks
outstanding at the end of September.
Required:
1. Reconcile the bank account.
2. Prepare the journal entries that should be made as the result of the bank reconciliation.
3. What should the balance in the Cash account be after the reconciliation entries?
4. What total amount of cash should the company report on the September 30 balance sheet?
Complete this question by entering your answers in the tabs below.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc75d5a7b-ab63-418d-802a-b949799fef2b%2F7fc2060d-ec93-48dc-ab3b-975df65ee682%2Fzambo5v_processed.png&w=3840&q=75)
Transcribed Image Text:The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here:
ΒANK STATEΜΕNT
Checks
Deposits
Balance
Balance, September 1
Deposits recorded during September
Checks cleared during September
NSF checks-Betty Brown
Bank service charges
Balance, September 30
$
7,250
33,400
6,500
$26,150
$26,900
6,300
6,260
6,260
200
40
Cash (A)
Sept. 1 Balance
Sept. Deposits
7,250
28,950
Sept. Checks written
29,050
No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks
outstanding at the end of September.
Required:
1. Reconcile the bank account.
2. Prepare the journal entries that should be made as the result of the bank reconciliation.
3. What should the balance in the Cash account be after the reconciliation entries?
4. What total amount of cash should the company report on the September 30 balance sheet?
Complete this question by entering your answers in the tabs below.
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