Asked by Demario Green on Jul 19, 2024
Verified
Chicago Company has hired you to reconcile its bank statement and cash account.At June 30,2019,the Cash account on the books showed the following:
Cash account
The June bank statement,just received,showed the following:
There were neither outstanding checks nor deposits in transit at May 31,2019.
A.Prepare the bank reconciliation at June 30,2019.
B.Prepare the adjusting journal entries needed as a result of preparing the bank reconciliation.
Bank Reconciliation
The process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement.
Cash Account
An account that tracks the amount of cash on hand, including currency, checks, and balances in bank accounts.
- Conduct bank reconciliations and relevant journal entries.
Verified Answer
JS
B.
Learning Objectives
- Conduct bank reconciliations and relevant journal entries.
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