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Not sure if the deposit in transit part is correct, it is flagging it as wrong but I have no idea what else the answer
Not sure if the deposit in transit part is correct, it is flagging it as wrong but I have no idea what else the answer could be.
The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: Deposits $26,800 BANK STATEMENT Checks Balance, September 1 Deposits recorded during September Checks cleared during September $26,450 NSF checks-Betty Brown 160 Bank service charges 56 Balance, September 30 Balance $ 6,950 33,750 7,300 7,140 7,084 7,084 Cash (A) Sept. Checks written 28,950 Sept. 1 Balance Sept. Deposits 6,950 28,350 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the bank account. Company's Books Ending balance per cash account Additions: BENNETT COMPANY Bank Reconciliation, September 30 Bank Statement Ending balance per bank statement Additions: $ 7,084 Deposit in transit 1,900 1,900 8,984 0 Deductions: NSF check - Betty Brown Bank service charges Deductions: Outstanding checks 160 56 216 0 Correct cash balance Correct cash balance Required: Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare the journal entries that should be made as the result of the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for deposits during September. Note: Enter debits before credits. General Journal Debit Credit Transaction A Record entry Clear entry View general journal 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What should the balance in the Cash account be after the reconciliation entries? Cash balanceStep by Step Solution
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