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PA5-3 (Algo) Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and...

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Accounting

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PA5-3 (Algo) Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries [LO 5-4, LO 5-5] [The following information applies to the questions displayed below] The December bank statement and cash T-account for Stewart Company follow. 5. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? 6. If the company also has $250 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet

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