Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,804. Cash receipts yet to be

image text in transcribedimage text in transcribedimage text in transcribed

On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,804. Cash receipts yet to be deposited into the checking account total $3,198, and checks written by the academy but not yet processed by the bank total $1,285. The company's balance of cash does not reflect a bank service fee of $21 and interest earned on the checking account of $32. These amounts are included in the balance of cash of $5,902 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) Bank's Cash Balance Per Bank Statement THE DEAN ACTING ACADEMY Bank Reconciliation August 31, 2021 Company's Cash Balance Per General Ledger Bark Balance per Reconciliation Company Balance per Reconciliation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Debra Jeter, Paul Chaney

6th edition

978-1118742945, 111874294X, 978-1119045946, 1119045940, 978-1119119364

More Books

Students also viewed these Accounting questions

Question

Describe in clear terms the SOA communication process.

Answered: 1 week ago

Question

Bonus shares can be issued out of revenue reserves. True/False?

Answered: 1 week ago