Question
The September 30, 2014, bank statement for Bennett Company and the September ledger accounts for cash are summarized here: BANK STATEMENT Checks Deposits Balance Balance,
The September 30, 2014, bank statement for Bennett Company and the September ledger accounts for cash are summarized here: BANK STATEMENT Checks Deposits Balance Balance, September 1, 2014 $ 6,950 Deposits recorded during September $ 26,150 33,100 Checks cleared during September $ 26,800 6,300 NSF checksBetty Brown 150 6,150 Bank service charges 46 6,104 Balance, September 30, 2014 6,104 Cash (A) Sept. 1 Balance 6,950 Sept. Checks written 29,550 Sept. Deposits 29,050 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September. Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. (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 the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet?
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