Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance, June 1
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance, June 1 Balance $ 7,160 Deposits during June $ 17,800 24,960 Checks cleared during June Bank service charges $ 18,900 6,060 $ 30 6,030 Balance, June 30 6,030 Cash (A) Debit Credit June 1 June June 30 Balance Deposits Balance 7,160 18,600 6,560 19,200 Checks written June 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 prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. Bank Statement Ending Balance per Bank Statement Additions: HILLS COMPANY Bank Reconciliation June 30 Company's Books Ending Balance per Cash Account Additions:
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