Question

The September 30, 2014, bank statement and the September ledger accounts for cash for Russell Company are summarized below:
The September 30, 2014, bank statement and the September ledger accounts for cash for Russell Company are summarized below:
No outstanding cheques and no deposits in transit were carried over from August; however, there are deposits in transit and cheques outstanding at the end of September.
Required:
1. Reconcile the balance in the bank account with the cash balance in the books at September 30, 2014.
2. Prepare any journal entries that should be made as a result of the bank reconciliation.
3. What should be the balance in the cash in bank account after the reconciliation entries?
4. What total amount of cash should the company report on the statement of financial position at September 30, 2014?


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  • CreatedAugust 04, 2015
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