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Bentley Companys June 30, 2014, bank statement and June ledger accounts for cash are summarized below: BANK STATEMENT Checks Deposits Balance Balance, June 1, 2014
Bentley Companys June 30, 2014, bank statement and June ledger accounts for cash are summarized below: |
BANK STATEMENT | ||||||||||||
Checks | Deposits | Balance | ||||||||||
Balance, June 1, 2014 | $ | 7,800 | ||||||||||
Deposits during June | $ | 15,950 | 23,750 | |||||||||
Checks cleared during June | $ | 16,300 | 7,450 | |||||||||
Bank service charges | 27 | 7,423 | ||||||||||
Balance, June 30, 2014 | 7,423 |
Cash (A) |
June 1 Balance | 7,800 | June Checks written | 19,700 |
June Deposits | 18,800 |
Required: |
1. | Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $3,400. A deposit of $2,850 is in transit at the end of June. |
2. | Prepare thejournal entry 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. |
3.What is the balance in the Cash account after the reconciliation entries?
What is the total amount of cash that should be reported on the balance sheet at June 30?
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