Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 58APSA
1.
To determine
To prepare: A bank reconciliation.
Introduction:.Bank reconciliation is a process in which, bank account which is prepared in the books of company and is compared with the bank statement issued by bank. The difference in balances is then adjusted by recording appropriate
2.
To determine
To prepare:
Introduction: Journal entries provide a record of the financial activities undertaken within an organization. Journal entries helps in preparation of financial statements of a company.
3.
To determine
The cash balance to be reported on the balance sheet at July 31st.
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QUESTION 8
You are provided with information relating to Umdoni Stores.
The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19:
Balance per bank statement
R5 000 Debit
7.
An EFT payment made by a receivable for R4 300 on 31
October 20.19 appeared in the bank statement but not in the
Balance per Cash Book
R6 500 credit
October Cash Book.
Outstanding deposit dated 30 September 20.19
R20 500
On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October,
the following was noted:
To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the R4 300 deposit (no. 7)
must be recorded as follows:
In the debit column of the Bank reconciliation statement as R4 300
O In the credit column of the Bank reconciliation statement as R4 300
Not recorded in the Bank account or the Bank reconciliation statement
On the debit side of the Bank account as R4 300
On…
PA 11. LO 8.6 Inner Resources Company received the following bank statement. Using the information from
Exercise 8.5 and Exercise 8.6, prepare the bank reconciliation.
Beginning Balance
Bank Statement
$0
AD
A.
D.
Deposits
$8,500
1,200
Checks
101
$ 650
102
550
103
180
106
457
Bank service charges
100
Total
9,700
1,937
Ending Balance
$7,763
PA 12. LO 8.6 Prepare the journal entry required to reconcile the book balance to the bank balance.
Calculator
chapter 8
eBook
The following June 30 bank reconciliation was prepared for Poway Co.
Poway Co.
Bank Reconciliation
For the Month Ended June 30
$16,185
Cash balance according to bank statement
Add outstanding checks:
$575
No. 1067
470
1106
1.050
1110
910
3,005
1113
$19,190
6,600
Deduct deposit of June 30, not recorded by bank
512,590
Adjusted balance
$8,985
Cash balance according to company's records
Addı Proceeds of note collected by banki
Principal
$6,000
Interest
300
$6,300
Service charges
15
6,315
$15.300
0685
5,400
Deduct: Check returned because of Insufficient funds
Error in recording June 17 deposit of S7.150 as 31,750
6,290
s 9,010
Adjusted belance
a. Identfy the errors in the above bank reconci lation.
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Assignment Score: 45.08%
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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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- Question Week 3 Bank Reconciliation Homework 2 PR.05.01 PR.05.03 Hide or show questions Progress:2/2 items eBook Bank Reconciliation and Entries The cash account for Highlander Diamond Co. on April 1, 20Y5, indicated a balance of $35,400. During April, the total cash deposited was $120,255, and checks written totaled $109,200. The bank statement indicated a balance of $60,927 on April 30, 20Y5. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $21,450. A deposit of $13,913, representing receipts of April 30, had been made too late to appear on the bank statement. A check for $710 had been incorrectly charged by the bank as $170. A check for $220 returned with the statement had been recorded by Highlander Diamond Co. as $2,200. The check was for the payment of an obligation to Dirt Dog Inc. on account. The bank had collected for Highlander Diamond…arrow_forwardBANK STATEMENT Date Checks Deposits Other Balance $ 48,000 40, 380 67,830 53,930 ৪9,938 ৪৪, 978 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28, 0e 13,900 11 17 23 36, e00 26 960 30 19,200 19, e00 NSF* $300 Interest earned Service charge 31 50 31 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 48, 000 Deposits Checks written during December: 7,620 550 28, e00 36, 000 19,000 13,e00 Dec. 11 23 13,900 960 30 31 150 19, 200 4,500 Dec. 31 Balance 97,128 There were no deposits in transit or outstanding checks at November 30. 4. Prepare any journal entries that the company should make as a resuit of the bank reconciliatio transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet B C D E A Record the interest of $50 received from the bank. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journalarrow_forward6:07 ◄ MonopolyGO Wie Conversation Window to you 's Help Ex 8-12 Prepare bank reconciliation and adjusting entries The information below relates to the Cash account in the ledger of Quicksilver Company. Balance July 1-$20,530, Cash deposited - $61,250. Balance July 30-$22,200; Checks written - $59,580. The July bank statement shows a balance of $23,450 on July 30 and the following memoranda. Credits Collection of $3,850 note plus interest $50 Interest earned on checking account Debits $3,900 $200 NSF check: Dr. Fate Safety deposit box rent $630 $270 At July 30, deposits in transit were $6,275 and outstanding checks totaled $4,625. Instructions: (a) Prepare the bank reconciliation at July 30 (b) Prepare the adjusting entries at July 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (e) QUICKSILVER COMPANY Bank…arrow_forward
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