Below is information about Lisa Ltd's cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were:a dishonoured cheque written by a client James Ltd, $136a credit for an electronic transfer from a customer of $644interest earned, $44account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments andcalculate the total cash receipts and cash payments for June.b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account andbalance the account.c) Prepare a bank reconciliation statement at 30 June.d) What is the amount of cash that should be reported on the 30 June balance sheet?

Bank reconciliation statement may be defined as the summary of banking activities and business…

Answered: Below is information about Lisa Ltd's…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 18E

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Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…
Below is information about Lisa Ltd’s cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were:  a dishonoured cheque written by a client James Ltd, $136  a credit for an electronic transfer from a customer of $644  interest earned, $44  account and transaction fees, $120 Required: a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. ( b) Post from cash…
Below is information about Lisa Ltd's cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were: • a dishonoured cheque written by a client James Ltd, $136 • a credit for an electronic transfer from a customer of $644 • interest earned, $44 • account and transaction fees, $120 need to be solve. a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate…
Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were:a) a dishonoured cheque written by a client James Ltd, $136b) a credit for an electronic transfer from a customer of $644c) interest earned, $44d) account and transaction fees, $120 Please answer: 1: Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. 2: What is the amount of cash that should be reported on the 30…
Below is information about Lisa Ltd’s cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were:  a dishonoured cheque written by a client James Ltd, $136  a credit for an electronic transfer from a customer of $644  interest earned, $44  account and transaction fees, $120

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