Question
Bank Reconciliation **Please help! It says my answer is incomplete but everything is correct? What am I missing?** Bentley Companys June 30 bank statement and
Bank Reconciliation
**Please help! It says my answer is incomplete but everything is correct? What am I missing?**
Bentley Companys June 30 bank statement and June ledger account for cash are summarized below:
1. Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $3,000. A deposit of $2,900 is in transit at the end of June.
2. Prepare the journal entry 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 June 30?
These are my answers:
***I did try to enter bank service charges in Required 2, but it says both the amount (21) and the accounts (bank service charges (Debit) and cash (Credit)) are wrong***
BANK STATEMENT Checks Deposits $15,750 Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $16,150 Balance $ 7,850 23,600 7,450 7,429 7,429 21 Cash (A) works written June Checks written 19, 150 June 1 Balance June Deposits 7,850 18,650 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $3,000. A deposit of $2,900 is in transit at the end of June. Company's Books Ending balance per cash account Additions: BENTLEY COMPANY Bank Reconciliation, June 30 Bank Statement $ 7,350 Ending balance per bank statement Additions: Deposit in transit $ 7,429 2,900 2.900 7,350 10,329 Deductions: Bank service charge Deductions: Outstanding checks 21 3,000 21 3,000 7,329 Correct cash balance 7,329 Correct cash balance Required 1 Required 2 > * Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Record 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.) No Debit Credit Date June 30 General Journal No journal entry required Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What is the balance in the Cash account after the reconciliation entries? Cash balance $ 7,329 X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What is the total amount of cash that should be reported on the balance sheet at June 30? Total amount of cash $ 7,329Step by Step Solution
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