50.1K

Verified Solution

Link Copied!

please HELP!!!!

PA5-3 (Algo) Identifying Outstanding Checks and Deposits in Transit and preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5) [The following information applies to the questions displayed below.) The December bank statentent and cash T-account for Stewart Company follow -26 BANK STATEMENT Date Checks Deposits Other December 1 December 6 $ 7,570 December 11 500 $ 27,000 December 17 11,400 December 23 35,000 December 26 500 December 30 15,700 18,000 NSFE December 31 Interest earned December 31 Service charge *NSF check from J. Left, a customer. Balance $ 42,000 34,430 60,930 49,530 84,530 84,030 86,080 86, 125 86,025 $ 250 45 100 Cash (A) December 1 Debit Balance 42,000 Deposito December 11 December 23 December 30 December 31 27,000 35,000 18,000 12,000 Credit Checks written during December 2,570 500 11,400 500 100 15,700 4,950 December 31 Balance 93,280 71 Deposits December 11 December 23 December 30 December 31 27,000 35,000 18,000 12,000 Checks written during December: 7,570 500 11,400 500 100 15,700 4,950 4 of 4 December 31 Balance 93,280 There were no deposits in transit or outstanding checks at November 30. 00:50:11 PA5-3 (Algo) Part 5 and 6 Book Print rences 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $250 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet? 5. Balance in Cash Account 6. Total Amount of Cash and Cash Equivalents

Answer & Explanation Solved by verified expert

See Answer