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The bookkeeper at Tony Company has asked you to prepare bank reconciliation as of February 29. The February bank statement and the February T- account for cash showed the following (summarized):
Tony Company's bank reconciliation at the end of January showed no outstanding checks. No deposits were in transit at the end of January, but a deposit was in transit at the end of February.
Required:
1. Prepare bank reconciliation for February.
2. Prepare any journal entries required as a result of the bank reconciliation. Why are they necessary?
3. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?
4. If the company also has $ 50 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 balance sheet at the end of February?
Quality of information that assures users that information represents the economic phenomena that it purports to represent and information about an economic phenomenon that corrects past or present expectations based on previous evaluations.
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