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Required Information P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4 [The following Information applies to the questions displayed below.] The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance Balance, April 1, Current Year $32,500 Deposits during April $37,000 69,500 Interest collected 1,320 70,820 Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year $46,100 270 160 24,720 24,450 24,290 24,290 Cash (A) Debit Credit April 1 Balance April Deposits 25,400 43,000 April Checks written 43,900 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,900 (including $2,700 written before and $2,200 written during April). No deposits in transit were carried over from March, but a deposit was In transit at the end of April. P6-5 Part 3 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year? Cash balance

Required Information P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4 [The following Information applies to the questions displayed below.] The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance Balance, April 1, Current Year $32,500 Deposits during April $37,000 69,500 Interest collected 1,320 70,820 Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year $46,100 270 160 24,720 24,450 24,290 24,290 Cash (A) Debit Credit April 1 Balance April Deposits 25,400 43,000 April Checks written 43,900 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,900 (including $2,700 written before and $2,200 written during April). No deposits in transit were carried over from March, but a deposit was In transit at the end of April. P6-5 Part 3 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year? Cash balance

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 2CE
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Required Information P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4 [The following Information applies to the questions displayed below.] The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance Balance, April 1, Current Year $32,500 Deposits during April $37,000 69,500 Interest collected 1,320 70,820 Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year $46,100 270 160 24,720 24,450 24,290 24,290 Cash (A) Debit Credit April 1 Balance April Deposits 25,400 43,000 April Checks written 43,900 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,900 (including $2,700 written before and $2,200 written during April). No deposits in transit were carried over from March, but a deposit was In transit at the end of April. P6-5 Part 3 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year? Cash balance
Transcribed Image Text:Required Information P6-5 (Algo) Preparing a Bank Reconciliation and Related Journal Entries LO6-4 [The following Information applies to the questions displayed below.] The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): BANK STATEMENT Checks Deposits Balance Balance, April 1, Current Year $32,500 Deposits during April $37,000 69,500 Interest collected 1,320 70,820 Checks cleared during April NSF check-A. B. Wright Bank service charges Balance, April 30, Current Year $46,100 270 160 24,720 24,450 24,290 24,290 Cash (A) Debit Credit April 1 Balance April Deposits 25,400 43,000 April Checks written 43,900 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $4,900 (including $2,700 written before and $2,200 written during April). No deposits in transit were carried over from March, but a deposit was In transit at the end of April. P6-5 Part 3 3. What was the beginning balance in the cash account in the ledger on May 1, Current Year? Cash balance
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