Explanation The Bank Reconciliation statement is explained as follows: Happ Inc. Bank Reconciliation Statement As of Sept., 30 Bank Side Book Side Balance as per Bank statement $ 22,260 Balance as per Cash Book $ 24,860 Add: Add: Deposit in transit $ 2,400 Interest earned $ 80 Less: Less: Outstanding Checks $ 760 NSF Checks $ 900 Bank Service Charges $ 140 $ 1,040 Reconciled Balance $ 23,900 Reconciled Balance $ 23,900 The Adjusting journal entries for bank reconciliation are explained as follows: Happ Inc... To determine Concept Introduction: Bank Reconciliation: Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side Requirement-b: The amount of Cash to be included in Sept. 30 balance sheet

11th Edition

ISBN: 9781259535314

Author: David Marshall, Wayne William McManus, Daniel Viele

Publisher: McGraw-Hill Education

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Chapter 5, Problem 5.2ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

Requirement-a:

To Prepare:

The Adjusting journal entries for bank reconciliation

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

Requirement-b:

The amount of Cash to be included in Sept. 30 balance sheet

Expert Solution & Answer

Chapter 5 Solutions

Accounting: What the Numbers Mean

Ch. 5 - Prob. 5.1ME Ch. 5 - Prob. 5.2ME Ch. 5 - Mini-Exercise 5.3 LO 5 Accounts receivable, bad...Ch. 5 - Mini-Exercise 5.4 LO 5 Bad debts...Ch. 5 - Mini-Exercise 5.5 LO 7, 8 Cost flow...Ch. 5 - Mini-Exercise 5.6 LO 7, 8 Cost flow...Ch. 5 - Prob. 5.7E Ch. 5 - Prob. 5.8E Ch. 5 - Prob. 5.9E Ch. 5 - Prob. 5.10E

Ch. 5 - Exercise 5.11 LO 5 Bad debts analysis-Allowance,...Ch. 5 - Exercise 5.12 LO 5 Bad debts analysis-Allowance...Ch. 5 - Exercise 5.13 LO 5 Cash discounts-ROI Annual...Ch. 5 - Prob. 5.14E Ch. 5 - Exercise 5.15 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.16 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.17 LO 7, 8 LIFO versus FIFO-matching...Ch. 5 - Prob. 5.18E Ch. 5 - Prob. 5.19E Ch. 5 - Prob. 5.20E Ch. 5 - Exercise 5.21 LO 5, 6, 8 Transaction...Ch. 5 - Exercise 5.22 LO 5. 8, 10 Transaction...Ch. 5 - Exercise 5.23 LO 5, 6, 7 Transaction...Ch. 5 - Exercise 5.24 LO 7, 8, 10 Transaction...Ch. 5 - Prob. 5.25P Ch. 5 - Prob. 5.26P Ch. 5 - Problem 5.27 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.28 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.29 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.30 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.31 LO 7, 8 Cost flow assumptions-FIFO...Ch. 5 - Problem 5.32 LO 7, 8 Cost flow assumptions-FIFO,...Ch. 5 - Prob. 5.33P Ch. 5 - Prob. 5.34P Ch. 5 - Problem 5.35 LO 7 Effects of inventory errors If...Ch. 5 - Prob. 5.36P Ch. 5 - Case 5.37 LO 5, 7, 8 Focus company-accounts...Ch. 5 - Case 5.38 LO 5, 7 Comparative analysis of current...

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