Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
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Chapter 5, Problem 5.13ME
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Use the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank recor
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BANK STATEMENT
Prepare any journal entries that should be made as a result of the bank reconciliation.
Prepare the bank reconciliation for april and the journal entries that should be made as a result of the bank reconciliation.Â
What should the cash account be after recording the journal entries?
Chapter 5 Solutions
Fundamentals of Financial Accounting
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What aspect(s) of the Sarbanes-Oxley Act might...Ch. 5 - Prob. 7QCh. 5 - What are the five components of an internal...Ch. 5 - Prob. 9QCh. 5 - Why is it a good idea to assign each task to only...
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - What is the primary internal control goal for cash...Ch. 5 - Prob. 18QCh. 5 - Prob. 19QCh. 5 - Prob. 20QCh. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 1MCCh. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - Which of the following internal control principles...Ch. 5 - Prob. 6MCCh. 5 - Prob. 7MCCh. 5 - Prob. 8MCCh. 5 - Prob. 9MCCh. 5 - Prob. 10MCCh. 5 - Prob. 5.1MECh. 5 - Prob. 5.2MECh. 5 - Prob. 5.3MECh. 5 - Prob. 5.4MECh. 5 - Prob. 5.5MECh. 5 - Prob. 5.6MECh. 5 - Prob. 5.7MECh. 5 - Prob. 5.8MECh. 5 - Prob. 5.9MECh. 5 - Prob. 5.10MECh. 5 - Prob. 5.11MECh. 5 - Prob. 5.12MECh. 5 - Prob. 5.13MECh. 5 - Prob. 5.14MECh. 5 - Prob. 5.15MECh. 5 - Prob. 5.16MECh. 5 - Identifying Internal Control Principle and...Ch. 5 - Prob. 5.2ECh. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - Prob. 5.6ECh. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.1CPCh. 5 - Prob. 5.2CPCh. 5 - Prob. 5.3CPCh. 5 - Prob. 5.4CPCh. 5 - Prob. 5.1PACh. 5 - Prob. 5.2PACh. 5 - Prob. 5.3PACh. 5 - Prob. 5.4PACh. 5 - Prob. 5.1PBCh. 5 - Prob. 5.2PBCh. 5 - Prob. 5.3PBCh. 5 - Prob. 5.4PBCh. 5 - Recording Transactions and Adjustments,...Ch. 5 - Prob. 5.1SDCCh. 5 - Prob. 5.2SDCCh. 5 - Ethical Decision Making: A Real-Life Example When...Ch. 5 - Ethical Decision Making: A Mini-Case You are an...Ch. 5 - Accounting for Cash Receipts, Purchases, and Cash...
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- journalize any necessary entries for photo op based on bank reconarrow_forwardHills Company's June 30 bank statement and the June ledger account for cash are summarized here: Withdrawals Deposits Other Balance, June 1 Deposits during June Cheques cleared during June Bank service charges Balance, June 30 Balance $ 9,100 35,080 4,580 4,360 4,360 $25,980 $30,500 $ 220 Cash (A) June 1 Balance 8,700 28,500 June Deposits 30,580 Cheques written June June 30 Balance 6,620 Requlred: 1. Prepare a bank reconciliation. A comparison of the cheques written with the cheques that have cleared the bank shows outstanding cheques of $480. Some of the cheques 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. HILLS COMPANY Bank Reconciliation June 30 Bank statement Company's books Ending balance per bank statement 6,620 Ending balance per cash account Additions: Additions: 8,620 Deductions: Deductions: Up-to-date cash ba ance 8.620Up-to-date cash ba ance Prev 1 of 2 Next >arrow_forwardJournals for bank reconciliation: Will journal entries be necessary based on the book or bank adjustments you discovered in the bank reconciliation? Type Book or Bank How many journals are needed? You do not need to write the actual journals on your PDF.arrow_forward
- Instructions: Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: a. Adjusted Method | b. Book-to-bank Method c. Bank-to-book Method Use the space provided for each method for you answer.arrow_forwardUse the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 260 May 4 #2 May 12 #4 May 28 #5 $ 25 115 35 $ 65 300 NSF check $ 65 120 85 May 30 #6 30 260 315 May 31 #8 70 Service charge 20 225 Cash (A) Debit May 1 May 3 260 65 Credit 65 25 May 3 #2 85 May 4 #3 115 May 8 #4 35 May 11 #5 30 May 21 #236 May 29 260 40 May 29 #37 May 30 180 70 May 30 #8 May 31 365arrow_forwardQuestion 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. “Deduct:” or “Add:” will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions. Enter all amounts as positive numbers.  BRENTWOOD BIKE CO. Bank Reconciliation  1 Cash balance according to bank statement   2    3    4    5 Adjusted balance   6    7 Cash balance according to company’s records   8    9    10    11    12 Adjusted balance    Question 2: Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts…arrow_forward
- Required: Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.Complete the bank reconciliation at December 31, 2019. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 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. Â Â Â Â Â Â Â Â Â Â Â Â Â Please show work.arrow_forwardRequirements: Â a. Prepare bank reconciliation on February 28, showing the book balance before and after adjustment. Â b. Prepare journal entries to record the adjustments that are indicated by the bank reconciliation. Â c. Prepare bank reconciliation book-to-bank. Â d. Prepare bank reconciliation bank-to-book.arrow_forwardPart ii. Prepare the journal entries resulting from the bank reconciliationarrow_forward
- After preparing a bank reconciliation, journal entries are necessary to record Bank service charges Deposits in transit Outstanding checks Both B and C are correct A, B, and C are correctarrow_forwardWhich account is the main focus of a bank reconciliation? Why? Explain the importance of monthly bank reconciliations. Provide 2 examples in which a business must make journal entries during a bank reconciliationarrow_forwardprepare bank reconciliation and adjusting entriesarrow_forward
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