Question - preparing bank reconciliation and entries

Assignment Help Accounting Basics

Reference no: EM132657891

Question - Preparing Bank Reconciliation and Entries and Reporting Cash

The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here:

BANK STATEMENT Checks Deposits Balance Balance, September 1 $6,650 Deposits recorded during September $26,200 32,850 Checks cleared during September $26,750 6,100 NSF checks-Betty Brown 140 5,960 Bank service charges 47 5,913 Balance, September 30 5,913

Cash (A) Sept. 1 Balance6,650Sept. Checks written29,800Sept. Deposits29,000

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.

2. Prepare the journal entries that should be made as the result of the bank reconciliation.

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

4. What total amount of cash should the company report on the September 30 balance sheet?

Reference no: EM132657891

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