1 answer

Required information [The following information applies to the questions displayed below.] The December bank statement and...

Question:

Required information [The following information applies to the questions displayed below.] The December bank statement and ca

250 26,200 6,000 Dec. 31 Balance 97,630 There were no deposits in transit or outstanding checks at November 30. 5. After the

Required information [The following information applies to the questions displayed below.] The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Deposits Other Checks Date Dec. 1 $ 7,720 650 18,900 $28,000 37,000 Balance $ 60,000 52, 280 79,630 60,730 97,730 97,080 89,480 89,580 89,330 650 26,200 19,000 NSF* Interest earned Service charge $400 100 31 31 250 *NSF check from J. Left, a customer. Dec. 1 Balance Deposits Dec. 11 Cash (A) 60,000 Checks written during December: 28,000 7,720 37,000 650 19,000 18,900 14,000 650 250
250 26,200 6,000 Dec. 31 Balance 97,630 There were no deposits in transit or outstanding checks at November 30. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $400 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet? 5. Balance in Cash Account 6. Total Amount of Cash and Cash Equivalents

Answers

Bank Reconciliation
At December 31
            Bank Statement Company's books
Ending balance per Bank Statement 89,330 ending balance as per Cash account 97,630
Addittions: Addittions
Deposit in transit 14,000 interest earned 100
14,000 100
103,330 97,730
Deductions: Deductions:
Checks outstanding (250+6000) 6,250 NSF 400
service charge 250
6,250 650
Up-to-date Cash balance 97,080 97,080
No Tr General Journal Debit Credit
A 1) cash 100
interest revenue 100
B) 2) Service expense 250
cash 250
C) 3) Accounts receivable 400
cash 400
D) 4) No entry
E) 5) No Entry
Balance in cash account 97,080
total amount of cash & cash equivalents 97,480
.

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