ECON 420-Bentley Company’s June 30, 2014,
by | Mar 18, 2020 | Uncategorized
|
Bentley Company’s June 30, 2014, bank statement and June ledger accounts for cash are summarized below:
|
| BANK STATEMENT |
|
Checks |
Deposits |
Balance |
| Balance, June 1, 2014 |
|
|
|
|
|
|
|
|
|
$ |
7,800 |
|
| Deposits during June |
|
|
|
|
|
$ |
15,950 |
|
|
|
23,750 |
|
| Checks cleared during June |
|
$ |
16,300 |
|
|
|
|
|
|
|
7,450 |
|
| Bank service charges |
|
|
27 |
|
|
|
|
|
|
|
7,423 |
|
| Balance, June 30, 2014 |
|
|
|
|
|
|
|
|
|
|
7,423 |
|
|
| June 1 Balance |
7,800 |
June Checks written |
19,700 |
| June Deposits |
18,800 |
|
|
| 1. |
Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $3,400. A deposit of $2,850 is in transit at the end of June. |
| 2. |
Prepare the journal entry that should be made as a result of the bank reconciliation. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.
|
3. What is the balance in the Cash account after the reconciliation entries?
What is the total amount of cash that should be reported on the balance sheet at June 30?
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