Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4. What total amount of cash should be reported on the balance sheet at the end of April? Total amount of cash 3. What was
4. What total amount of cash should be reported on the balance sheet at the end of April? Total amount of cash 3. What was the balance in the cash account in the ledger on May 1, Current Year? Cash balance The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "l don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger accounts for cash showed the following (summarized) BANK STATEMENT Checks Deposits Balance, April 1, Current Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Balance $ 31,000 68,300 69,650 23.750 23,410 23,340 23,340 $37,300 1,350 $45,900 340 70 Cash (A) Apr. 1 Balance Apr. Deposits 24,500Apr. Checks written 41,600 43,100 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $3,700 (including $2,220 written before and $1,480 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started