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[The following information applies to the questions displayed below.) The August, current year, bank statement for Allison Company and the August, current year, ledger account for cash follow: BANK STATEMENT Checks and EFTs Deposits $ 325 $12,350 Date Aug. 1 2 3 4 5 9 10 15 21 24 25 30 30 31 485 345 830 235 EFT Balance $ 17,860 17,535 29,885 29,400 29,055 28,225 27,990 32,240 31,915 12,415 19,215 18,415 21,465 21,290 4,250 325 $19,500 6,800 800 EFT 3,050 175 + *$3,050 interest collected. tBank service charge. Aug. 1 Balance 16,705 Deposits Aug. 2 12 24 31 12,350 4,250 6,800 5,950 Cash (A) Checks written and electronic funds transfers Aug. 2 4 15 17 18 20 23 EFT 235 830 280 510 EFT 800 325 19,500 Outstanding checks at the end of July were for $345, $485, and $325. No deposits were in transit at the end July. 8. value: 2.00 points Required information Required: 1. Compute the deposits in transit at the end of August by comparing the deposits on the bank statement to the deposits listed on the cash ledger account. Deposits in transit 9. value 2.00 points Required Information 2. Compute the outstanding checks at the end of August by comparing the checks listed on the bank statement with those on the cash ledger account and the list of outstanding checks at the end of July. Outstanding checks 10. value: 8.00 polnts 3. Prepare a bank reconciliation for August. ALLISON COMPANY Bank Reconciliation, August 31, Current Year Company's Books Bank Statement Ending balance per cash account Ending balance per bank statement Additions: Additions: 0 0 Deductions: Deductions: Correct cash balance Correct cash balance 4. Prepare 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 the entry for checks cleared during August. Note: Enter debits before credits. Transaction General Journal Debit Credit B Record entry Clear entry View general journal 4. Prepare 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 entry for interest collected. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 4. Prepare 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 1 2 3 4 > Record entry for service charges deducted from bank balance Note: Enter debits before credits Transaction General Journal Debit Credit D Record entry Clear entry View general journal 12. value: 2.00 points 5. What total amount of cash should be reported on the August 31, Current Year, balance sheet? Total amount of cash
