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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
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, 2018, bank statement and the April ledger accounts for cash showed the following (summarized): Bank Statement Cheques Deposits Balance $34,000 71,600 $37,600 Balance, April 1, 2018 Deposits during April Notes collected for company (including $85 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, 2018 1,330 $46,000 175 72,930 26,930 26,755 26,670 26,670 85 Cash in Bank 42,600 Apr. 1 Apr. Balance Deposits 25,000 Apr. Cheques written 43,750 Cash on Hand Apr. 30 Balance 250 A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,600 are still outstanding at April 30. No deposits in transit were carried over from March, but a deposit was in transit at April 30. 3. What were the balances in the cash accounts in the ledger on May 1, 2018? 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, 2018? Statement of financial position (April 30, 2018): Current assets: Cash
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