Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP NEED ANSWER ASAP. Thanks Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August

PLEASE HELP NEED ANSWER ASAP. Thanks image text in transcribed
image text in transcribed
Rick Hall owns a card shop, Hall's Cards. The following cash information is available for the month of August 2018: As of August 31, the bank statement shows a balance of $11,350. The August 31 unadjusted balance in the Cash account of Hall's Cards is $7,287. A review of the bank statement revealed the following information: 1. A deposit of $1,620 on August 31, 2018, does not appear on the August bank statement. 2. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $3,595 but was recorded on the books as $4,495. 3. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,845 were found to be outstanding. 4. A debit memo for $62 was included in the bank statement for the purchase of a new supply of checks. Required Prepare a bank reconciliation at the end of August showing the true cash balance. HALL'S CARDS Bank Reconciliation August 31, 2018 Unadjusted Bank Balance August 31, 2018 Required Prepare a bank reconciliation at the end of August showing the true cash balance. 3 00:20:32 HALL'S CARDS Bank Reconciliation August 31, 2018 Unadjusted Bank Balance, August 31, 2018 True Cash Balance, August 31, 2018 Unadjusted Book Balance, August 31, 2018 True Cash Balance August 31 2018

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions