Managerial Accounting

Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:

BANK STATEMENT
Checks Deposits Other Balance
Balance, June 1 $ 7,300
Deposits during June $ 18,500 25,800
Checks cleared during June $ 19,600 6,200
Bank service charges $ 31 6,169
Balance, June 30 6,169
Cash (A)
June 1 Balance 7,300
June Deposits 20,000 19,900 Checks written June
June 30 Balance 7,400

Required:

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Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $300. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June.

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