Solution-Compute the balance in the cash account

Compute the balance in the cash account

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Reference no: EM13492277

A company's bank statement on May 31 and ledger accounts for May are summarized below.

BANK STATEMENT
	Checks	Deposits	Balance
Balance, May 1			$8,100
Depots during May		$17,000	25,100
Checks cleared during May	$19,200		5,900
Bank service charges	30		5,870
Balance, May 31			5,870

Cash (A)
May 1 Balance	$8,100	May Checks written	$23,150
May Deposits	$19,760
Ending Cash Balance	$4,710

A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $3,950. A deposit of $2,760 is in transit at the end of May.

Reconcile the bank account. Give the journal entries that should be made as a result of the bank reconciliation. Compute the balance in the Cash account after the reconciliation entries.

Reference no: EM13492277

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Compute the balance in the cash account

Reference no: EM13492277

Reference no: EM13492277

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