Required information[The following information applies to the questions displayed below.]The August, current year, bank statement for Allison Company and the August, current year, ledger account for cashfollow:DateAugust 1234591015212425303031BANK STATEMENTChecks andEFTS$380435280785205 EFT265$20,100850 EFT115 +*$2,800 interest collected.*Bank service charge.DebitAugust 1 BalanceDepositsAugust 2122431Deposits$12,1004,2006,6502,800*16,61512,1004,2006,6505.400Balance$17,71017,33029,43028,99528,71527,93027,72531,92531,66011,56018,21017,36020,16020,045Cash (A)CreditChecks written and electronicfunds transfersAugust 24151718EFT 205785230410EFT 850 DebitAugust 1 BalanceDepositsAugust 212Deductions:EFT 205785152301741018EFT 850202652320,100Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July.Ending balance per cash accountAdditions:2431Correct cash balance16,6153. Complete the following bank reconciliation.Company's Books12,1004,2006,6505,400Cash (A)CreditChecks written and electronicfunds transfersALLISON COMPANYBank ReconciliationAugust 31, Current YearDeductions:August 24Ending balance per bank statementAdditions:Correct cash balance.Bank Statement+

A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Debit August 1 Balance Deposits August 2 Deductions: 12 24 31 Ending balance per cash account Additions: Correct cash balance 16,615 3. Complete the following bank reconciliation. Company's Books 12,100 4,200 15 230 17 410 18 EFT 850 265 20 23 20,100 Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July. 6,650 5,400 Cash (A) Credit Checks written and electronic funds transfers ALLISON COMPANY Bank Reconciliation August 31, Current Year August 2 4 Deductions: Ending balance per bank statement Additions: Correct cash balance Bank Statement EFT 205 785

Debit August 1 Balance Deposits August 2 Deductions: 12 24 31 Ending balance per cash account Additions: Correct cash balance 16,615 3. Complete the following bank reconciliation. Company's Books 12,100 4,200 15 230 17 410 18 EFT 850 265 20 23 20,100 Outstanding checks at the end of July were for $280, $435, and $380. No deposits were in transit at the end of July. 6,650 5,400 Cash (A) Credit Checks written and electronic funds transfers ALLISON COMPANY Bank Reconciliation August 31, Current Year August 2 4 Deductions: Ending balance per bank statement Additions: Correct cash balance Bank Statement EFT 205 785

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 3BE

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