E6-25 Preparing Bank Reconciliation, Entries, and Reporting Cash LO6-4 Bentley C

Question

E6-25 Preparing Bank Reconciliation, Entries, and Reporting Cash LO6-4 Bentley Company's June 30 bank statement and June ledger accounts for cash are summarized below BANK STATEMENT ChecksDeposits Balance, June 1 Deposits duning June Checks cleared during June Bank service charges Balance, June 30 Balance 3 7.300 23,300 7,000 6,973 6.973 $16.00D $ 16. 300 27 19 750 June 1 Balance June Deposits 7,300 June Checks written 18,450 Required: 1. Reconcile the bank account A comparison of the checks wntten with the checks that have cleared the bank shows ourstanding end of June BENTLEY COMPANY Bank Reconciliation, June 30 Bank Statement Company's Books Additions: Additions: Deductions: Deductions: Correct cash balance Correct cash balance

Explanation / Answer

Bank reconciliation Ending balance as per bank statement 6973 Add Deposit in transit 2450 (18450-16000) 9423 Less Outstanding checks 3450 (19750-16300) Adjusted bank balance 5973 Ending balance as per cash account 6000 Add 0 Less Service charges 27 27 Adjusted cash balance 5973 Journal entries Jun-30 Service charges 27               Cash 27 3 Cash balance after adjustment 5973 4 Cash as reported in the balance sheet 5973

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