Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 48E
Hawk Enterprises identified the following items on its January,r reconciliaLion that may require
a. A deposit of $1,190 was recorded in Hawk’s accounting records. but not on the January 31 bank statement.
b. A check for $3.31 was outstanding at January 31.
c. Included with the bank statement was a check for $560 written by Eagle Corporation. The bank had in error, deducted this check from Hawk’s account.
d. Bank service charges were $371.
e. An NSF check written by one of Hawk’s customers in the amount of $1,150 was returned by the bank with Hawk’s bank statement. This customer was paying for merchandise originally purchased on account.
Required:
For each of these five items, prepare an adjusting entry for Hawk’s jaumai1 if any is required.
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Students have asked these similar questions
In comparing the processed checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $970 but was erroneously entered in the accounting records as $790.
The journal entry to adjust the books for the bank reconciliation would include which of the following for this situation?
a) $970 increase to Cash and a $790 decrease to Utility Expense.
b) $180 increase to Cash and a $180 increase to Utility Expense.
c) $180 decrease to Cash and a $180 increase to Utility Expense.
d) $180 decrease to Cash and a $180 decrease to Utility Expense.
e) $180 increase to Cash and a $120 decrease to Utility Expense.
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item
should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation.
(Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.)
Item
1. Checks written by another depositor but mistakenly charged against this company's account.
2. Bank service charge for September is not yet recorded by the company.
3. Checks outstanding on August 31 that cleared the bank in September.
4. NSF check from a customer is shown on the bank statement but not yet recorded by the company.
5. Interest earned on the September cash balance in the bank is not yet recorded by the company.
6. Deposit made on September 5 and processed by the bank on September 6.
7. A note receivable is collected by the bank for the company, but it is not yet recorded by the…
The following errors were found when the controller at Crane Hotel was doing the March 31 bank reconciliation.
1.
2.
3.
On March 5, Crane recorded a payment of an account payable as $2,710. The correct amount was $1,270. It was correctly
recorded by the bank.
On March 19, Crane recorded a deposit as $2,820. The correct amount was $4,280. The deposit was for the collection of an
account receivable and the bank recorded it correctly.
On March 31, the bank recorded a deposit as $5,610. The correct amount was $2,650. This error was corrected by the bank
on April 1. Crane had correctly recorded the deposit.
For each of these errors indicate if and how it would be shown on the bank reconciliation.
1.
2.
3.
$
$
$
Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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