P6-12 Preparing a Bank Reconciliation and Related Journal Entries LO6-7 The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, I don't have time. You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, 2021, bank statement and the April ledger accounts for cash showed the following (summarized): Bank Statement Balance, April 1, 2021 Deposits during April Notes collected for company (including $78 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, 2021 Cheques Deposits Balance $32,600 $ 36,900 69,500 1,260 70,760 $ 45,300 25,460 168 25, 292 78 25,214 25, 214 Cash in Bank 24,300 Apr. Cheques written 42,700 Apr. 1 Balance Apr. Deposits 41,900 Cash on Hand 1801 Apr. 30 Balance A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $4,900 are still outstanding at April 30. No deposits in transit were carried over from March, but a deposit was in transit at April 30. Required: 1. Prepare a detailed bank reconciliation at April 30, 2021. X Answer is complete but not entirely correct. HOPKINS COMPANY Bank Reconciliation, April 30, 2021 Bank Statement Company's Books Ending balance per cash account Additions: $ 25,052 X Ending balance per bank statement $ 25,214 Additions: Note receivable collected $ 1,260 X Deposit in transit 5,800 Interest collected 78 1,338 26,390 31,014 Deductions: Deductions: 168 Outstanding cheques 4,900 NSFA.B. Wright Bank charges 78 246 Ending correct cash balance $ 26,144 Ending correct cash balance $ 26,114 2. Prepare any required journal entries as a result of the 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 note receivable plus interest collected. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal View transaction list X A Record note receivable plus interest collected. > B Record customer's cheque returned due to insufficient funds. Record service charges collected by the bank. lit Note : = - journal entry has been entered Record entry Clear entry View general journal 3. What were the balances in the cash accounts in the ledger on May 1, 2021? Balance in cash in bank account Balance in cash on hand account 4. What total amount of cash should be reported on the statement of financial position at April 30, 2021? Statement of financial position (April 30, 2021): Current assets: Cash