Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE HELP, THANK YOU IN ADVANCE. The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, I don't have
PLEASE HELP, THANK YOU IN ADVANCE.
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, I don't have time. You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Deposits BANK STATEMENT Checks Balance, April 1, Current Year Deposits during April Interest collected Checks cleared during April $ 44,900 NSF check-A. B. Wright 320 Bank service charges 130 Balance, April 30, Current Year $38,100 1,300 Balance $32,500 70,600 71,900 27,000 26,680 26,550 26,550 Cash (A) 24,400 Apr. Checks written 42,900 Apr. 1 Balance Apr. Deposits 42,800 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $6,000 (including $3,600 written before and $2,400 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. P6-5 Part 3 3. What was the balance in the cash account in the ledger on May 1, Current Year? Cash balanceStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started