Hills Company's June 30, 2010, bank statement and the June ledger account for cash are summarized...

   

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Hills Company's June 30, 2010, bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1, 2010 $ 7,200 Deposits during June $18,000 25,200 Checks cleared during June $19,100 6,100 Bank service chaises S30 6,070 Balance, June 30,2010 6,070 Cash(A) June 1 Balance 6,800 June Deposits 19,000 19,400 Check written June June 30 Balance 6,400 Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. 2. Give any journal entries that should be made as a result of the bank reconciliation. 3. What is the balance in the Cash account after the reconciliation entries? 4. In addition to the balance in its bank account, Hills Company also has $300 cash on hand. This amount is recorded in a separate T-account called Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? Hills Company's June 30, 2010, bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Deposits Other Balance Balance, June 1, 2010 $ 7,200 Deposits during June $18,000 25,200 Checks cleared during June $19,100 6,100 Bank service chaises S30 6,070 Balance, June 30,2010 6,070 Cash(A) June 1 Balance 6,800 June Deposits 19,000 19,400 Check written June June 30 Balance 6,400 Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. 2. Give any journal entries that should be made as a result of the bank reconciliation. 3. What is the balance in the Cash account after the reconciliation entries? 4. In addition to the balance in its bank account, Hills Company also has $300 cash on hand. This amount is recorded in a separate T-account called Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?