Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 4, Problem 4.19AE
(1)
To determine
To prepare: Bank reconciliation of Company S, as at May 31, 2019
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Use the information taken from BM traders to complete the following:
1.the bank account for huly 2019 (note that you need to calculate the opening balance of the bank account on 1 july 2019). Balance the account.
2.the bank reconciliation statement as at 31 July 2019
At October 31, Matrah Company has this bank information: cash balance per bank RO 8,950; outstanding checks RO 450; deposits in transit RO 1,300; and a bank service charge RO 60. Determine the adjusted cash balance per bank at October 31, 2019.
Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019:
He provides you with the following information:
Opening Book balance of: $12,423.21
Balance on the June 30th bank statement: $17,743.96
SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145.
Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June
Bank service charge for June was $12.50
Interest earned on checking account for June was $25 and automatically deposited
The bank statement shows a deposit of $423 that SES didn’t make. After a call to the
Bank Manager, she apologized and told John the error would be corrected in July
The following cheques are outstanding as at June 30th:
Cheque #
Payee
Amount
745
Landlord
$ 2,100.00
751…
Chapter 4 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 4 - Prob. 1QCCh. 4 - Prob. 2QCCh. 4 - Prob. 3QCCh. 4 - Prob. 4QCCh. 4 - Prob. 5QCCh. 4 - Prob. 6QCCh. 4 - Prob. 7QCCh. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QCCh. 4 - Prob. 10QC
Ch. 4 - Prob. 11QCCh. 4 - Prob. 12QCCh. 4 - Prob. 4.1ECCh. 4 - Prob. 4.1SCh. 4 - Prob. 4.2SCh. 4 - (Learning Objective 2: Describe objectives and...Ch. 4 - Prob. 4.4SCh. 4 - (Learning Objective 2: Explain the objectives and...Ch. 4 - (Learning Objective 3: Evalue internal controls...Ch. 4 - Prob. 4.7SCh. 4 - Prob. 4.8SCh. 4 - Prob. 4.9SCh. 4 - Prob. 4.10SCh. 4 - Prob. 4.11SCh. 4 - Prob. 4.12SCh. 4 - Prob. 4.13SCh. 4 - Prob. 4.14SCh. 4 - Prob. 4.15AECh. 4 - Prob. 4.16AECh. 4 - Prob. 4.17AECh. 4 - Prob. 4.18AECh. 4 - Prob. 4.19AECh. 4 - Prob. 4.20AECh. 4 - Prob. 4.21AECh. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - (Learning Objectives 1, 2, 3: Describe fraud and...Ch. 4 - Prob. 4.26BECh. 4 - Prob. 4.27BECh. 4 - Prob. 4.28BECh. 4 - Prob. 4.29QCh. 4 - Prob. 4.30QCh. 4 - Prob. 4.31QCh. 4 - Prob. 4.32QCh. 4 - Prob. 4.33QCh. 4 - Prob. 4.34QCh. 4 - Prob. 4.35QCh. 4 - Prob. 4.36QCh. 4 - Prob. 4.37QCh. 4 - Prob. 4.38QCh. 4 - Prob. 4.39QCh. 4 - Prob. 4.40QCh. 4 - Prob. 4.41APCh. 4 - Prob. 4.42APCh. 4 - Prob. 4.43APCh. 4 - Prob. 4.44APCh. 4 - Prob. 4.45BPCh. 4 - (Learning Objectives 2, 3: Explain the objectives...Ch. 4 - (Learning Objective 3: Evaluate internal controls)...Ch. 4 - Prob. 4.48BPCh. 4 - Prob. 4.49CEPCh. 4 - Prob. 4.50CEPCh. 4 - Prob. 4.51SCCh. 4 - Prob. 4.52DCCh. 4 - Prob. 4.53DCCh. 4 - Prob. 4.54EICCh. 4 - Prob. 1FFCh. 4 - Prob. 1FA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- BANK RECONCILIATION AND JOURNAL ENTRIES - In the Bank Reconciliation Template, prepare a bank reconciliation and complete the adjusting entries required. Then upload the completed template to the Lab 17 Upload Link. Use the following data that were accumulated for use in reconciling the bank account of Star Battles Restaurant for-October 2020: a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. c. Outstanding checks total $1,300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700. A check from LukeCo for $3,500 was returned for nonsufficient funds. f The bank received an EFT from Leah Corp and deposited S14,300 in the account. The EFT was from Leah Corp to pay rent. | The bank balance at October 31, 2020 was $9,730. e. h The bank collected a note in the amount of $1,500 deposited the cash in Vader's account at the bank but Vader has not yet entered the amount in the books. The total of $1,500 consists of…arrow_forwardOn June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balancearrow_forwardPlease prepare the bank reconciliation statement on 31 May 2021 in your activity book from information . Please do it in the attached format. All information needed has been attachedarrow_forward
- Daisy Company received a bank statement for February, as follows: From: Central Bank, Denver, CO 80222: 1. Prepare a bank reconciliation on February 28, 2019, for Daisy. 2. Prepare the journal entries that Daisy should record as a result of the reconciliation.arrow_forwardcan you help me answer these questions please... The accounting records for Delta Driving School shows a cash balance of $14,134 on February 28, 2019. On the evening of February 28, company receipts of $1,250 were placed in the bank's night deposit drop box. The deposit was processed by the bank on March 1. The February 28 bank statement shows a balance of $18,877, including collection of a $6,000 note receivable plus $55 of interest earned, a service charge of $40, and a $1,550 debit memo for the payment of the company's utility bill. All of the checks that the company had written were listed on the bank statement except for check #1908 in the amount of $1,528. Prepare a bank reconciliation to calculate the company’s adjusted cash balance at February 28, 2019. Prepare the journal entries needed to adjust the cash records as a result of the bank reconciliation. Circle the number that will appear as Cash on Delta’s Balance Sheet at February 28, 2019.arrow_forwardI need to create a bank reconciliation for Diaz's checking account on May 31, 2021arrow_forward
- Learning Task 5 Directions: Using the information below, prepare a Bank Reconciliation Statement.Bank reconciliation problem:• The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015.• On this date the balance of cash per books is P11,589.45.• Additional information are provided below: Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 Outstanding checks: No. 453-P3,000.00 No. 457-P1,401.30 No. 460-P1,502.70• Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00.• Bank memoranda: Debit– NSF check from Pedro P425.60 Debit– Charge for printing company checks P30.00 Credit – Collection of note receivable for P1,000 plus interest earned of P50, less bank collection fee of P15.00.Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the depositoarrow_forwardGiven this book and bank statement information, create an October bank reconciliation for Arrowhead company. And the journal entries required for the book side. BOOK INFO: Cash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck 10102 Accounts Payable 1,374.12 6,885.74 10/2/2020 Ck 10103 Rent 3,420.00 3,465.74 10/2/2020 Ck 10104 Utilities 689.00 2,776.74 10/4/2020 Deposit 3,743.10 6,519.84 10/4/2020 Ck 10105 Advertising 344.21 6,175.63 10/4/2020 Ck 10106 Subscription 102.84 6,072.79 10/9/2020 Ck 10107 Internet 74.97 5,997.82 10/9/2020 Deposit 4,859.47 10,857.29 10/9/2020 Ck 10108 Telephone 221.00 10,636.29 10/9/2020 Deposit 11,339.64 21,975.93 10/12/2020 Ck 10109 Accounts Payable 1,680.00 20,295.93 10/13/2020 Ck 10110 Wages…arrow_forwardRequired: 1.Complete the bank reconciliation at December 31, 2019. 2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions. Please show work.arrow_forward
- The following information pertains to Carla Vista Corporation. 1. Balance per bank, July 31, $8,655. 2. July bank service charge not yet recorded by Carla Vista, $25. 3. Balance per books, July 31, $9,039. 4. Deposits in transit, July 31, $2,551. 5. Electronic collection on account (EFT) from a customer, $1,689 not yet recorded by Carla Vista. 6. Outstanding cheques, July 31, $903. 7. Returned cheque from the deposit of a collection on account, $360, due to nonsufficient funds. Related bank service charge, $40. The charges will be added to the customer's account.arrow_forwardFirebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for February 2019 indicated the following: The correct amount of check #7853 is $797. It was recorded as a cash disbursement of $779 bymistake. The check was issued to pay for merchandise purchases. The check appeared on thebank statement correctly.Required:1. Prepare a bank reconciliation schedule at February 28, 2019, in proper form.2. What is the amount of cash that should be reported on the February 28, 2019 balance sheet?arrow_forwardPrepare the bank reconciliation of Harvey insurance at December 31, 2024 Journalize any required entries from the bank reconciliation arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you