Question

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 accounts for cash showed the following (summarized):
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 $ 5,600 (including $ 3,700 written before and $ 1,900 written during April). No deposits in transit were carried over from March, but a deposit was in transit at the end of April.
Required:
(a) Prepare a detailed bank reconciliation for April.

Answer 1

The April ledger accounts for cash showed  is :

JEFFERSON COMPANY

Bank Reconciliation, April 30, Current Year

Company's Books Bank Statement

Ending balance per cash account   26100 Ending balance per bank statement   23690

Additions:     Additions:    

Interest collected 1320   Deposits in transit 7200  

         

   1320     7200

   27420     30890

Deductions:     Deductions:    

NSF—A. B. Wright 270   Outstanding checks 3800  

Bank charges 60        

   330     3800

Correct cash balance   27090 Correct cash balance   27090

 2    

 General Journal Debit Credit

1 Cash 1320  

       Interest revenue   1320

     

2 Accounts Receivable—A. B. Wright 270  

         Cash   270

     

3 Bank service charge expense 60  

         Cash   60

     

 3    

 Cash balance  27090  

     

 4    

 Total amount of cash  27090  

Deposits in transit = 43300-36100 = 7200

In accounting, a well-known ledger is used to file all of an agency's transactions. inside a general ledger, transactional data is organized into assets, liabilities, sales, fees, and proprietor's equity. After each sub-ledger has been closed out, the accountant prepares the trial stability.

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