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 1Required 2Required 3Required 4Reconcile the bank account.BENNETT COMPANYBank Reconciliation, September 30Company's BooksBank StatementEnding balance per bank statementEnding balance per cash account6,260Additions:Additions:Deposit in transit6,260Deductions:Deductions:NSF check -- Betty Brown200Outstanding checksBank service charges40240Correct cash balanceCorrect cash balance The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here:ΒANK STATEΜΕNTChecksDepositsBalanceBalance, September 1Deposits recorded during SeptemberChecks cleared during SeptemberNSF checks-Betty BrownBank service chargesBalance, September 30$7,25033,4006,500$26,150$26,9006,3006,2606,26020040Cash (A)Sept. 1 BalanceSept. Deposits7,25028,950Sept. Checks written29,050No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checksoutstanding 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.

A journal entry is used to record the day-to-day transactions of an organization by debiting and…

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.

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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