Hills Company's June 30 bank statement and the June ledger account for cash are summarized here:...
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Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written Other $.30 June Balance: $ 7,180 25,080 6,080 6,050 6,050 Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. 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. Bank Statement Ending Balance per Bank Statement Additions: Deductions: Up-to-Date Cash Balance HILLS COMPANY Bank Reconciliation June 30 $ 0 0 Company's Books Ending Balance per Cash Account Additions: Deductions: 0 0 Up-to-Date Cash Balance $ 0 0 0 0 Journal entry worksheet 1 Record the service charges of $30 deducted by the bank. Note: Enter debits before credits.. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal ! Required information. [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Cash Balance Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. 3. What is the balance in the Cash account after the reconciliation entries? Other $ 30 June Balance $7,180 25,080 6,080 6,050 6,050 Required information [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30. June 1 June June 30 Debit Total Amount of Cash Balance Deposits Balance BANK STATEMENT Checks $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. Other $ 30 June Balance $ 7,188 25,080 6,080 6,050 6,050 4. In addition to the balance in its bank account, Hills Company also has $280 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? Gatti Corporation reported the following balances at June 30. $ 155 140 58 24 29 240 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings 54 440 80 50 15 20 31 Required: 1. What amount should be reported as "Cash and Cash Equivalents"? 2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." Required 1 Required 2 Complete this question by entering your answers in the tabs below. What amount should be reported as "Cash and Cash Equivalents"? Cash and Cash Equivalents Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." (Amounts to be deducted should be indicated by a minus sign.) GATTI CORPORATION Balance Sheet < Required 1 < Prev 5 of 9 Required 2 *** www. Next > Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written Other $.30 June Balance: $ 7,180 25,080 6,080 6,050 6,050 Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. 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. Bank Statement Ending Balance per Bank Statement Additions: Deductions: Up-to-Date Cash Balance HILLS COMPANY Bank Reconciliation June 30 $ 0 0 Company's Books Ending Balance per Cash Account Additions: Deductions: 0 0 Up-to-Date Cash Balance $ 0 0 0 0 Journal entry worksheet 1 Record the service charges of $30 deducted by the bank. Note: Enter debits before credits.. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal ! Required information. [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Cash Balance Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. 3. What is the balance in the Cash account after the reconciliation entries? Other $ 30 June Balance $7,180 25,080 6,080 6,050 6,050 Required information [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30. June 1 June June 30 Debit Total Amount of Cash Balance Deposits Balance BANK STATEMENT Checks $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. Other $ 30 June Balance $ 7,188 25,080 6,080 6,050 6,050 4. In addition to the balance in its bank account, Hills Company also has $280 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? Gatti Corporation reported the following balances at June 30. $ 155 140 58 24 29 240 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings 54 440 80 50 15 20 31 Required: 1. What amount should be reported as "Cash and Cash Equivalents"? 2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." Required 1 Required 2 Complete this question by entering your answers in the tabs below. What amount should be reported as "Cash and Cash Equivalents"? Cash and Cash Equivalents Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." (Amounts to be deducted should be indicated by a minus sign.) GATTI CORPORATION Balance Sheet < Required 1 < Prev 5 of 9 Required 2 *** www. Next > Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written Other $.30 June Balance: $ 7,180 25,080 6,080 6,050 6,050 Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. 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. Bank Statement Ending Balance per Bank Statement Additions: Deductions: Up-to-Date Cash Balance HILLS COMPANY Bank Reconciliation June 30 $ 0 0 Company's Books Ending Balance per Cash Account Additions: Deductions: 0 0 Up-to-Date Cash Balance $ 0 0 0 0 Journal entry worksheet 1 Record the service charges of $30 deducted by the bank. Note: Enter debits before credits.. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal ! Required information. [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Cash Balance Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. 3. What is the balance in the Cash account after the reconciliation entries? Other $ 30 June Balance $7,180 25,080 6,080 6,050 6,050 Required information [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30. June 1 June June 30 Debit Total Amount of Cash Balance Deposits Balance BANK STATEMENT Checks $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. Other $ 30 June Balance $ 7,188 25,080 6,080 6,050 6,050 4. In addition to the balance in its bank account, Hills Company also has $280 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? Gatti Corporation reported the following balances at June 30. $ 155 140 58 24 29 240 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings 54 440 80 50 15 20 31 Required: 1. What amount should be reported as "Cash and Cash Equivalents"? 2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." Required 1 Required 2 Complete this question by entering your answers in the tabs below. What amount should be reported as "Cash and Cash Equivalents"? Cash and Cash Equivalents Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." (Amounts to be deducted should be indicated by a minus sign.) GATTI CORPORATION Balance Sheet < Required 1 < Prev 5 of 9 Required 2 *** www. Next > Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written Other $.30 June Balance: $ 7,180 25,080 6,080 6,050 6,050 Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. 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. Bank Statement Ending Balance per Bank Statement Additions: Deductions: Up-to-Date Cash Balance HILLS COMPANY Bank Reconciliation June 30 $ 0 0 Company's Books Ending Balance per Cash Account Additions: Deductions: 0 0 Up-to-Date Cash Balance $ 0 0 0 0 Journal entry worksheet 1 Record the service charges of $30 deducted by the bank. Note: Enter debits before credits.. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal ! Required information. [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Cash Balance Balance Deposits Balance $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. 3. What is the balance in the Cash account after the reconciliation entries? Other $ 30 June Balance $7,180 25,080 6,080 6,050 6,050 Required information [The following information applies to the questions displayed below.] Hills Company's June 30 bank statement and the June ledger account for cash are summarized here: Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30. June 1 June June 30 Debit Total Amount of Cash Balance Deposits Balance BANK STATEMENT Checks $ 19,000 Cash (A) 7,180 18,800 6,680 Deposits $ 17,900 Credit 19,300 Checks written. Other $ 30 June Balance $ 7,188 25,080 6,080 6,050 6,050 4. In addition to the balance in its bank account, Hills Company also has $280 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? Gatti Corporation reported the following balances at June 30. $ 155 140 58 24 29 240 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings 54 440 80 50 15 20 31 Required: 1. What amount should be reported as "Cash and Cash Equivalents"? 2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." Required 1 Required 2 Complete this question by entering your answers in the tabs below. What amount should be reported as "Cash and Cash Equivalents"? Cash and Cash Equivalents Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." (Amounts to be deducted should be indicated by a minus sign.) GATTI CORPORATION Balance Sheet < Required 1 < Prev 5 of 9 Required 2 *** www. Next >
Expert Answer:
Answer rating: 100% (QA)
1 Bank reconciliation Balance per bank 6050 Balance per books 6680 Addition Outstanding Deposits1880... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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