(Question and Answer): As of June 30, 2016, the bank statement showed an ending balance of $19,500. The unadjuste

As of June 30, 2016, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available:
1. Deposit in transit, $2,400.
2. Credit memo in bank statement for interest earned in June, $30.
3. Outstanding check, $6,690.
4. Debit memo for service charge, $20.
Required
a. Determine the true cash balance by preparing a bank reconciliation as of June 30, 2016, using the preceding information.
b. Record in general journal foamy the adjusting entries necessary to correct the unadjusted book balance.

Expert Answer

 

Bank Reconciliation statement
Balance per bank statement, June 30 $19,500
Add: Deposit in transit 2400
$2,400
$21,900
Less: Outstanding checks 6690
6,690
Adjusted balance, June 30 $15,210
Balance per bookks, June 30 $15,200
Interest revenue 30 30
$15,230
Less:
Service charges $20 $20
Adjusted balance as per books, June 30 $15,210
Hence true cash balance is $15210
ans 2
Accounts Title Dr Cr
Cash $30
Interest revenue 30
Bank charges 20
Cash 20

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