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Discuss the cash account after the reconciliation entries

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Reference no: EM131806817

Bentley Company's June 30, 2014, bank statement and June ledger accounts for cash are summarized below:

BANK STATEMENT
  Checks Deposits Balance
  Balance, June 1, 2014                   $ 7,800  
  Deposits during June           $ 15,950       23,750  
  Checks cleared during June   $ 16,300               7,450  
  Bank service charges     27               7,423  
  Balance, June 30, 2014                     7,423  

Case (A)

 
  June 1    Balance 7,800       June    Checks written 19,700  
  June      Deposits 18,800        

Required:

1. Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $3,400. A deposit of $2,850 is in transit at the end of June.

2. Prepare the journal entry that should be made 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.

3. What is the balance in the Cash account after the reconciliation entries?

What is the total amount of cash that should be reported on the balance sheet at June 30?

Reference no: EM131806817

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