Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATEMENT Check Deposit $26.500 Balance, September

image text in transcribed
image text in transcribed
The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: BANK STATEMENT Check Deposit $26.500 Balance, September 1 Deposits recorded during September Checks cleared during September NSF checks -Betty Brom Bank service charges Balance September 30 $27.300 110 55 Balance $ 6,800 33. 300 6.000 5. 890 5.835 5.835 Cash) Sept. Checks written 29, 150 Sept. 1 Bulance Sept. Deposits 6.800 28.900 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 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the bank account. BENNETT COMPANY Bank Reconciliation, September 30 Bank Statement Company's Books Ending balance per bank statement 6.550 > $ 5 5.835X Bank service charges * Answer is not complete. Complete this question by entering your answers in the tabs below. Required i Required 2 Required 3 Required 4 Reconcile the bank account. BENNETT COMPANY Bank Reconciliation September 30 Bank Statement 3 $6.55093 Company's Books Ending balance per bank statement EX Additions: Deposit in transit $ 5,835 Bank service charges Additions: > X 2.400 0 6,550 Deductions Outstanding check 1.850 X 2.400 8 235 Deductions: Bank service charges NSF check-Betty Brown 1.850 6,385 Correct cash balance 5583 1108 165 Correct cash balance Required 2 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

5th edition

78025915, 978-1259115400, 1259115402, 978-0078025914

More Books

Students also viewed these Accounting questions

Question

=+b) Are the conditions for ANOVA met? Why or why not?

Answered: 1 week ago