Saved On August 31, Year 1, the general ledger of a company shows a balance for...
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Saved On August 31, Year 1, the general ledger of a company shows a balance for cash of $7,744. Cash receipts yet to be deposited into the checking account total $3.138, and checks written by the academy but not yet processed by the bank total $1,225. The company's balance of cash does not reflect a bank service fee of $15 and interest earned on the checking account of $26, These amounts are included in the balance of cash of $5,842 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, Year 1. (Amounts to be deducted should be indicated with a minus sign.) Bank Reconciliation August 31, Year 1 Bank's Cash Balance Company's Cash Balance Per General Ledger Per Bank Statement Bank Balance per Reconciliation Company Balance per Reconciliation 2. Record the necessary entryles) to adjust the balance for cash. (if no entry is required for a transaction/event, select 'No Joumel Entry Required" In the first account field.) Saved On August 31, Year 1, the general ledger of a company shows a balance for cash of $7,744. Cash receipts yet to be deposited into the checking account total $3.138, and checks written by the academy but not yet processed by the bank total $1,225. The company's balance of cash does not reflect a bank service fee of $15 and interest earned on the checking account of $26, These amounts are included in the balance of cash of $5,842 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, Year 1. (Amounts to be deducted should be indicated with a minus sign.) Bank Reconciliation August 31, Year 1 Bank's Cash Balance Company's Cash Balance Per General Ledger Per Bank Statement Bank Balance per Reconciliation Company Balance per Reconciliation 2. Record the necessary entryles) to adjust the balance for cash. (if no entry is required for a transaction/event, select 'No Joumel Entry Required" In the first account field.)
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