E5-5 Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO

Question

E5-5 Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4]

[The following information applies to the questions displayed below.]

Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:

Any help would be greatly appreciated. Thank you!

Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:

E5-5 Preparing a Bank Reconciliation and Journal Entries and Reporting Cash LO 5-4] The following Information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here BANK STATEMENT Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 Checks Deposits Other Balance $ 7,320 25,920 6,220 6,189 6,189 $18,600 $19,700 $31 Cash (A) June 1 Balance June 6,860 20,200 Deposits 20,000 Checks written June June Balance 7,060 30

Explanation / Answer

Solution 1:

Solution 2:

Solution 3:

Cash balance after reconciliation entries = $7,029

Solution 4:

Total amount of cash to be reported in balance sheet at June 30 = $7,029 + $390 = $7,419

Hills Company Bank Reconciliation - June 30 Bank's Cash balance Company's cash balance Particulars Amount Particulars Amount Ending balance as per Bank Statements $6,189.00 Ending Balance as per cash books $7,060.00 Additions: Additions: Outstanding Deposits ($20,200 - $18,600) $1,600.00 Deductions: Deductions: Outstanding Checks $760.00 Service Charge $31.00 Up to date cash balance as per bank $7,029.00 Up to date cash balance as per books $7,029.00

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