Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 PART QUESTION ! Required information The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger

4 PART QUESTION

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

! Required information 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: BANK STATEMENT Deposits Other Balance $ 7,200 Checks Balance, June 1 Deposits during June Checks cleared $18,000 25,200 $19,100 6,100 during June Bank service charges Balance, June 30 $30 6,070 6,070 Cash (A) 6,800 Balance June 1 Checks Deposits 19,000 19,400 written June June 6,400 June 30 Balance 2. Prepare anyjournal 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 1 Record entry View general journal Clear entry Required information [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: BANK STATEMENT Deposits Other Balance $ 7,200 Checks Balance, June 1 Deposits during $18,000 25,200 June Checks cleared during June Bank service $19,100 6,100 $30 6,070 charges Balance, June 30 6,070 Cash (A) June 1 Balance 6,800 Checks Deposits 19,000 19,400 written June June 6,400 June 30 Balance 3. What is the balance in the Cash account after the reconciliation entries? Cash Balance Required information [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: BANK STATEMENT Checks Deposits Other Balance $ 7,200 Balance, June 1 Deposits during $18,000 25,200 June Checks cleared $19,100 6,100 during June Bank service $30 6,070 charges Balance, June 30 6,070 Cash (A) Balance June 1 6,800 Checks Deposits 19,000 19,400 written June June 6,400 June 30 Balance 4. In addition to the balance in its bank account, Hills Company also has $300 of petty 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 30? Total Amount of Cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

How autonomous should the target be left after the merger deal?

Answered: 1 week ago