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Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Required: 1. Prepare a bank reconciliation. A comparison of
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written ptior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. 2. Prepare 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.) Journal entry worksheet Record the service charges of $40 deducted by the bank. Note: Enter debits before credits. 3. What is the balance in the Cash account after the reconciliation entries
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