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The following information applies to the questions displayed below. The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying,
The following information applies to the questions displayed below. 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 Aprl 30, Current Year, bank statement and the April ledger accounts for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance, April 1, Current Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year Balance $32.400 69.200 70,560 25,760 25,490 25,360 25,360 $36.800 1,360 $44,800 270 130 Cash (A) Apr.1 Balance Apr. Deposits 25,200 41,800 Apr. Checks written 41,300 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 $3,700 (including $2,220 written before and $1,480 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 5 elue: Required information 1.00 points 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 $3,700 (including $2,220 written before and $1,480 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April. 5.1.00 points Required information Required 1. Prepare a detailed bank reconciliation for April. JEFFERSON COMPANY Bank Reconciliation, April 30, Current Year Company's Books Bank Statement Ending balance per cash account 25,700 Ending balance per bank statement $ 25,360 Additions Additions Deposits in transit 41,800 1,360 27,060 Interest collected 1,360 41,800 67,160 Deductions Deductions NSF A. B. Wright Bank charges 270 Outstanding checks 1,480 130 400 1.480 Correct cash balance 25,700 Correct cash balance $25,360 2. Prepare the journal entries that the company should make as a result of the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record interest collected. Nate: Enter debits hefore credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 3. What was the balance in the cash account in the ledger on May 1, Current Year? Cash balance$25.360 References eBook & Resources Worksheet Difficulty: 3 Hard Learning Objective: 06-04 Report, control, and safeguard cash value: Required in 0.50 points 4. What total amount of cash should be reported on the balance sheet at the end of April? Total amount of cash $25,700
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