Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
The September 30 bank statement for Bennett Company and the September ledger accounts for cash are summarized here: Deposits $26.650 BANK STATEMENT Checks Balance, September
The September 30 bank statement for Bennett Company and the September ledger accounts for cash are summarized here: Deposits $26.650 BANK STATEMENT Checks Balance, September 1 Deposits recorded during September Cheaks cleared during September $27,100 NSP checks-Betty Brown 100 Bank service charges Balance, September 30 Balance $ 7,500 34,150 7,050 6,950 6,899 6,899 Cash (A) 7,500 Sept. Checks written 28,600 Sept. 1 Balance Sept. Deposits 29,850 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. BENNETT COMPANY Bank Reconciliation, September 30 Bank Statement Ending balance per bank statement Additions: | Deposit in transit Company's Books Company Ending balance per cash account Additions: $ 6.899 6,899 Deductions: Bank service charges NSF check-Betty Brown Deductions: Outstanding checks 2,750 51 100 151 2,750 Correct cash balance Correct cash balance 2. Prepare the journal entries that should be made as the result of the bank reconciliation (If no entry is required for transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record service charges deducted from bank account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry 5 View general Journal 3. What should the balance in the Cash account be after the reconciliation entries? Cash balance Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal 3. What should the balance in the Cash account be after the reconciliation entries? Cash balance 4. What total amount of cash should the company report on the September 30 balance sheet? Total amount of cash
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a9cba996367_75266a9cba8deeff.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a9cbaab3cf9_75366a9cba9f3146.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66a9cbab89203_75466a9cbaaed417.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started