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Computing Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries
The August 2011 bank statement for Allison Company and the August 2011 ledger account for cash follow:
BANK STATEMENT Date Checks Deposits Balance Aug. 1 $17,510 $ 320 17,190 28,890 28,460 28,190 27,310 $11,700 3 4 430 270
Outstanding checks at the end of July were for $270, $430, and $320. No deposits were in transit at the end of July.
Required:
1. Compute the deposits in transit at the end of August by comparing the deposits on the bank statement to the deposits listed on the cash ledger account.
2. Compute the outstanding checks at the end of August by comparing the checks listed on the bank statement with those on the cash ledger account and the list of outstanding checks at the end of July.
3. Prepare a bank reconciliation for August.
4. Give any journal entries that the company should make as a result of the bank reconciliation. Why are they necessary?
5. What total amount of cash should be reported on the August 31, 2011, balancesheet?
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