Preparing Bank Reconciliation, Entries, and Reporting Cash Jackson Companys June 30, 2011, bank statement and June ledger

Question:

Preparing Bank Reconciliation, Entries, and Reporting Cash
Jackson Company€™s June 30, 2011, bank statement and June ledger accounts for cash are summarized below:

BANK STATEMENT Checks Deposits Balance $ 6,900 Balance, June 1, 2011 $16,200 Deposits during June Checks cleared during

Required:
1. Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $2,000. A deposit of $1,900 is in transit at the end of June.
2. Give any journal entries that should be made as a result of the bank reconciliation.
3. What is the balance in the Cash account after the reconciliation entries?
4. What is the total amount of cash that should be reported on the balance sheet at June30?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...