Question
The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here: Please pic... No outstanding checks and no
The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here:
Please pic...
No outstanding checks and no deposits in transit were noted in March. However, there are deposits in transit and checks outstanding at the end of April. The EFT involved an automatic monthly payment to one of KMaxxs creditors. Check #104 was written for $1,500. The NSF check had been received from a customer
1. Prepare a bank reconciliation for April. TIP: Put a check mark beside each item that appears on both the bank statement and whats already been recorded in the accounting records (shown in the T-account). Items left unchecked will be used in the bank reconciliation. (please see pic below) 2. Prepare any journal entries that should be made as a result of the bank reconciliation. TIP: Remember to make entries only for items that affect the companys books, not the bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3. What should the balance in the Cash account be after recording the journal entries in part 2? 4. If the company also has $1,080 of petty cash on hand (recorded in a separate account), what total amount should the company report as Cash and Cash Equivalents on the April 30 balance sheet? | |
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Balance, April 1 April 5 April 9 April 12 April 19 April 22 April 27 April 29 April 30 April 1 Bolonce April 8 April 28 April 30 Bolonce BANK STATEMENT Checks Deposits $6.600 #101$ 800 5.800 8.900 3.100 2102 240 8.660 7.960 a103 700 6.560 #104 1.400 EFT payment $280 6.280 140 6.140 NSF check Service charge 29 6.111 Cosh (A) 6.600 April 2 2101 3.100 800 April 10 2102 750 240 700 April 15 1.500 April 20 #104 April 29 2105 420 6,790
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