The June 30, 2015, bank statement for Zoltan Company and the June ledger accounts for cash are summarized below:

Required:
1. Reconcile the bank balance to the book balance at June 30, 2015. A comparison of the cheques written with the cheques that have cleared the bank shows outstanding cheques of $ 2,000. No deposits in transit were carried over from May, but a deposit is in transit at the end of June.
2. Prepare any journal entries that should be made as a result of the bank reconciliation.
3. What is the balance in the cash in bank account after the reconciliation entries?
4. What is the total amount of cash that should be reported on the statement of financial position at June 30, 2015?

Transcribed Image Text:

Bank Statement Cheques Deposits Balance, June 1,2015 Deposits during June Cheques cleared throughe$17,000 Bank service charges Baiance, June 30, 2015 Balance 6,900 23,100 6,100 6,060 6,060 $16,200 40 Cash in Bank Balance 6.900 June Cheques witten 10,000 June 1 June Deposits 8,100 Cash on Hand June 30 Balance 300