50.1K

Verified Solution

Link Copied!

Hills Company's June $30$ bonk sistement ond the June ledger account for cosh are summarized here:

Balance, June a

Depostes doring June

Cheques cleared during June

Bank service charges

galance, June $30$

Withdrands

Doposits

$518,849$

$$20,30$

cether

dalance

dalance $$7,308$

$26,248$

$350$

$5.940$

$5,8905,899$

Required:

$1$ Prepare o bankreconciliosion A compsrison of the cheques writen with the cheques that have cleared the bonk shows outs:anding cheques of $$500$ Some of the cheques that clested in$.$ June were written prior to June. No deposits in transit were noted in Moy, but o deposit is in tronsit ot the end of June.

$\backslash$table$[[,$HaLLS COUPANY,,$],[,$Bank hivencilation,,$],[$Jung $30],[$Dank statiement,,Comprany's bocks,,$],[$Ending bolinnoe per bsech statembent,,Enseng bulance per wash account,$7,],[$Addilione$.,,$Hidefferune:,,$],[$Deposeit in irasist,,Deposid in iransil,,$],[0,,,0],[$Deductions$,,$Deductions:,,$],[,,,$E$,],[$Up$-$to$-$dale cash balance,$s,$Up to dabe cosh tealunes,$s,0]]$

$2$ Prepare the joumal entry that should be mode as a result of the bonk reconciliation. $($if no entry is required for a transaction$/$event$.$ select $"$No joumal entry required" in the first account field.$)$

$\backslash$table$[[,$Ho$,$Tranesction,Goneral Journal,Dobit,Creait$],[,$A$,1,$No Transaction Recorded,,$],[,,,=0,,]]$

Answer & Explanation Solved by verified expert

See Answer