2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company. Balance June 1-$9,947; Cash deposited-$37,120. Balance June 30-$10,094; Checks written-$36,973. The June bank statement shows a balance of $9,525 on June 30 and the following memoranda. Credits At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382. Instructions a. Prepare the bank reconciliation at June 30. b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account. Balance @ 06/30/2022 Adjusted Balance @ 06/30/2022 Debits $245 Collection of electronic funds transfer $884 NSF check: R. Doll Interest earned on checking accounts $26 Safety deposit box rent $35 Cash Book 0 Bank Statement Date Account Name Debit Credit
2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company. Balance June 1-$9,947; Cash deposited-$37,120. Balance June 30-$10,094; Checks written-$36,973. The June bank statement shows a balance of $9,525 on June 30 and the following memoranda. Credits At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382. Instructions a. Prepare the bank reconciliation at June 30. b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account. Balance @ 06/30/2022 Adjusted Balance @ 06/30/2022 Debits $245 Collection of electronic funds transfer $884 NSF check: R. Doll Interest earned on checking accounts $26 Safety deposit box rent $35 Cash Book 0 Bank Statement Date Account Name Debit Credit
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5PA
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Question
Transcribed Image Text:Prepare bank reconciliation and adjusting entries.
2. (LO 3) The information below relates to the Cash account in the ledger of Hillfarms Company.
Balance June 1-$9,947; Cash deposited-$37,120.
Balance June 30-$10,094; Checks written-$36,973.
The June bank statement shows a balance of $9,525 on June 30 and the following memoranda.
Credits
At June 30, deposits in transit were $2,581, and outstanding checks totaled $1,382.
Instructions
a. Prepare the bank reconciliation at June 30.
b. Prepare the adjusting entries at June 30, assuming the NSF check was from a customer on account.
Balance @ 06/30/2022
Debits
Collection electronic funds transfer $884 NSF check: R. Doll $245
Interest earned on checking accounts $26 Safety deposit box rent $35
Adjusted Balance @ 06/30/2022
Cash
Book.
0
Bank
Statement.
Date
Account Name
Debit
0
Credit
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