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Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5] Skip to question [The following information
Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5] Skip to question [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow:
2. Identify and list the outstanding checks at the end of December. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) $180 $21,300 $4,950 1. Identify and list the deposits in transit at the end of December. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) $28,000 $36,000 $19,000 $13,000 The December bank statement and cash T-account for Stewart Company follow: There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $330 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet? 3. Prepare a bank reconciliation for DecemberStep by Step Solution
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