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Prepare bank reconciliation for april

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Reference no: EM13875225

The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here:

No outstanding checks and no deposits in transit were noted in March. However, there are deposits in transit and checks outstanding at the end of April. The EFT involved an automatic monthly payment to one of KMaxx's creditors. Check 104 was written for $ 1,100. The NSF check had been received from a customer.

Required:

1. Prepare bank reconciliation for April

2. Give any journal entries that should be made as a result of the bank reconciliation.

3. What should the balance in the Cash account be after recording the journal entries in requirement 2?

4. If the company also has $ 1,000 of petty cash on hand (recorded in a separate account), what total amount should the company report as Cash and Cash Equivalents on the April 30 balance sheet?

Reference no: EM13875225

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