Question

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.

Answer 1

The Company's June 30 bank statement are:

•Adjusted  bank balance $5,571

•Adjusted  cash balance $5,571

Preparation of a bank reconciliation.

Hills company Bank Reconciliation for the month of Jun 30

Bank statement

Ending balance per bank $5,771  

Add Deposits in Transit $100

($17,000-$16,900)    

Less Outstanding checks ($300)  

Adjusted  bank balance $5,571

($5,771+$100-$300)

Company's books

Ending balance per cash account$5,600

Less Service charge ($29)

Adjusted cash balance $5,571

Inconclusion Hills Company's June 30 bank statement are:

•Adjusted  bank balance $5,571

•Adjusted  cash balance $5,571

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