Chicago Company has hired you to reconcile its bank statement and cash account. At June...
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Accounting
Chicago Company has hired you to reconcile its bank statement and cash account. At June 30, 2019, the Cash account on the books showed the following:
Cash account
| Date | Explanation | Debits | Credits | Balance |
| June 1 | Balance |
|
| $5,600 |
| June 1-30 | Deposits | $32,000 |
| 37,600 |
| June 1-30 | Checks |
| $29,700 | 7,900 |
| June 30 | Balance |
|
| 7,900 |
The June bank statement, just received, showed the following:
| June 1, balance | $5,600 |
| Deposits made in June | 29,000 |
| Interest paid by the bank in June | 120 |
| Checks paid in June | (27,500) |
| Bank service charge for June | (50) |
| NSF Charged (Brad Jolie, check returned for nonsufficient funds) | (150) |
| June 30, balance | $7,020 |
There were neither outstanding checks nor deposits in transit at May 31, 2019.
A. Prepare the bank reconciliation at June 30, 2019.
B. Prepare the adjusting journal entries needed as a result of preparing the bank reconciliation.
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