Hills Company’s June 30 bank statement The following information applies to the questions displayed below Hills…
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Question “Hills Company’s June 30 bank statement The following information applies to the questions displayed below Hills…”
The following information applies to the questions displayed below Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: Other BANK STATEMENT Check Deposits Balance, June 1 Deposits during June 517800 Checks cleared during June 1900 Bank service charges Balance June 30 lance $ 7160 24.960 6.050 6030 6030 $30 Cash (A June Balance Deposits 7160 18 600 19.200 Checks willen June Balance 6,560 points Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No depo in transit were noted in May, but a deposit is in transit at the end of June HILLS COMPANY Bank Reconciliation June 30 Company’s Books Ending Balance per Cash Account Additions: Bank Statement Ending Balance per Bank Statement Additions: Deductions: Deductions: Up.to.Dale Cash Balance Up-to-Dale Cash Balance
Check my work values 0.71 points 2. Prepare any journal entries 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.) View transaction list Journal entry worksheet Record the service charges of $30 deducted by the bank. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
0.71 points 3. What is the balance in Cash account after the reconciliation entries? References eBook & Resources Worksheet DIY Medium Check my work 0.71 points 4. In addition to the balance in its bank account is Company also has 5200 of ty cash on hand This amount is recorded in a separate T-account called Petty Cash on Hand What is the total amount of cash that should be reported on the balance sheet at June 302 Total Amount of Cash
Answer
Bank statement Erdingbalance per bankstatement Additional 1 Deposit in Transit HILLS CORPORATION Bank Reconciliation June 30, Company’s Books 18 6030 Ending Belancepea cash Account I 1$ 6560 Deductions: Outstandeng cheeks 18300 Bank Service Charges i 30 19 300 Current cash balance ( 6530) 1 current cash balance 1. Treangi’s Deposit in Treangi’s – ($18,600- $17800). = $800 930 186530
Journal entry Tiengedion General Journal (1) (4 Balance sheed (30) = Corrent Assets: coosh 9200+ C96530 = $16790] Answer : Totalamound cash 1$6790
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