Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 6, Problem 22E
1.
To determine
Prepare the Company S’s bank reconciliation as on July 31, 2019.
2.
To determine
Prepare necessary
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Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Ragoon Services on May 31, 2019.
a) Outstanding cheques amount to $1,650.
b) The service charges for May amount to $35.
(a)Prepare the bank reconciliation statement for the month of December 2021.
(b)Prepare the necessary adjusting journal entries to update the accounting record.
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation’s cash account showed a balance of $17,198 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum’s cash balance on March 31:
• Undeposited cash on hand on March 31 amounted to $724.50.
• A customer’s NSF check for $173.80 was returned with the bank statement.
• A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement.
• The bank service charge for March was $15.
• A deposit of $951.75 mailed to the bank on March 31 did not appear on the bank statement.
The following checks mailed to creditors had not been processed by the bank on March 31:
#429 $57.40
#432 $147.50
#433 $214.80
#434 $191.90
A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank state-ment had…
Chapter 6 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 6 - What are the components of cash? What items may be...Ch. 6 - Prob. 2GICh. 6 - Prob. 3GICh. 6 - Prob. 4GICh. 6 - Prob. 5GICh. 6 - How are trade receivables different from nontrade...Ch. 6 - How is revenue recognition related to the...Ch. 6 - Prob. 8GICh. 6 - Prob. 9GICh. 6 - What is a sales return? A sales allowance?...
Ch. 6 - Discuss the differences between the allowance...Ch. 6 - Prob. 12GICh. 6 - Prob. 13GICh. 6 - What method of bad debt estimation categorizes...Ch. 6 - Why does the write-off of uncollectible accounts...Ch. 6 - Discuss the difference between a secured borrowing...Ch. 6 - When does a company record the transfer of...Ch. 6 - Prob. 18GICh. 6 - What is a non-interest-bearing note? How does...Ch. 6 - Prob. 20GICh. 6 - How are the cash proceeds determined when a note...Ch. 6 - Under IFRS, what criteria must be satisfied in...Ch. 6 - Prob. 23GICh. 6 - (Appendix 6. 1) What is the purpose of a petty...Ch. 6 - (Appendix 6. 7) Why are actual expenses, rather...Ch. 6 - Prob. 26GICh. 6 - Prob. 27GICh. 6 - Prob. 1MCCh. 6 - Greenfield Company had the following cash balances...Ch. 6 - A company is in its first year of operations and...Ch. 6 - Marmol Corporation uses the allowance method for...Ch. 6 - On January 1, 2019, King Companys Allowance for...Ch. 6 - Prior to adjustments, Barrett Companys account...Ch. 6 - A method of estimating bad debts that focuses on...Ch. 6 - When the accounts receivable of a company are sold...Ch. 6 - Prob. 9MCCh. 6 - Prob. 10MCCh. 6 - Prob. 11MCCh. 6 - On December 31, Harrison Company reports the...Ch. 6 - Lindley Enterprises sells hand woven rugs. Paige...Ch. 6 - Long Corporation is a fabric manufacturing...Ch. 6 - Refer to RE6-3. Assume Long records accounts...Ch. 6 - Longmire Sons nude sales un credit to Alderman...Ch. 6 - Refer to RE6-5. Assume Longmire uses a perpetual...Ch. 6 - McKinney Co. estimates its uncollectible accounts...Ch. 6 - Refer to RE6-7. At the end of the first quarter of...Ch. 6 - Refer to RE6-8. On April 23, 2020, McKinncy Co....Ch. 6 - On December 1 of the current year, Jordan Inc....Ch. 6 - On December 1 of the current year, Jordan Inc....Ch. 6 - On December 1, Newton Enterprises sells 100,000 of...Ch. 6 - Kaseys Cake Shop made 20,000 in sales of wedding...Ch. 6 - On June 1, Phillips Corporation sold, with...Ch. 6 - Prob. 15RECh. 6 - Prob. 16RECh. 6 - Computing; the Cash Balance Listed below are ten...Ch. 6 - Prob. 2ECh. 6 - Journal Entry to Separate Receivables An...Ch. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Accounts Receivable Calculations The following...Ch. 6 - Estimation versus Direct Write-Off of Bad Debts...Ch. 6 - Estimating Bad Debts from Receivables Balances The...Ch. 6 - Aging Analysis of Accounts Receivable Cowens, a...Ch. 6 - Comparison of Bad Debt Estimation Methods Bradford...Ch. 6 - Inferring Accounts Receivable Amounts At the end...Ch. 6 - ReceivablesBad Debts At January 1, 2019, the...Ch. 6 - Transferring Accounts Receivable White Corporation...Ch. 6 - Transfer of Accounts Receivable Inder Corporation...Ch. 6 - Generating Cash from Receivables Guide Company...Ch. 6 - Interest-Bearing and Non-Interest-Bearing Notes On...Ch. 6 - Computing the Proceeds from the Sale of Notes...Ch. 6 - Recording the Sale of Notes Receivable Singer...Ch. 6 - Prob. 20ECh. 6 - Prob. 21ECh. 6 - Prob. 22ECh. 6 - Prob. 23ECh. 6 - Prob. 24ECh. 6 - Prob. 1PCh. 6 - Prob. 2PCh. 6 - Estimating Bad Debts Keegan Corporations...Ch. 6 - Allowance for Bad Accounts Installment Jewelry...Ch. 6 - Allowance for Doubtful Accounts From inception of...Ch. 6 - Prob. 6PCh. 6 - Aging Accounts Receivable On September 30. 2019...Ch. 6 - Prob. 8PCh. 6 - Prob. 9PCh. 6 - Prob. 10PCh. 6 - Factoring and Assignment of Accounts Receivable...Ch. 6 - Recording Note Transactions The following...Ch. 6 - Notes Receivable Transactions The following notes...Ch. 6 - Analyzing Accounts Receivable Upham Companys June...Ch. 6 - Comprehensive Receivables Problem Blackmon...Ch. 6 - Prob. 16PCh. 6 - Unknown Book Balance (Appendix 6.1) The following...Ch. 6 - Prob. 18PCh. 6 - Prob. 19PCh. 6 - Prob. 1CCh. 6 - Prob. 2CCh. 6 - Bad Debt Expense When a company has a policy of...Ch. 6 - Prob. 4CCh. 6 - Receivables Issues Magrath Company has an...Ch. 6 - Components of Cash Cash is an important asset of a...Ch. 6 - Prob. 7CCh. 6 - Transfer of Accounts and Notes Receivable Tidal...Ch. 6 - Ethics and Sales Returns At the end of 2019, the...Ch. 6 - Analyzing Starbuckss Cash and Receivables...Ch. 6 - Researching GAAP Situation Hamilton Company...
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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
- Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following information: Required: 1. Prepare the journal entries necessary for Upham to record the preceding transactions. 2. Prepare an analysis and schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Uphams June 30, 2020, balance sheet.arrow_forwardProblem Solving. Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below.2. Prepare the necessary adjusting journal entries on the company’s book for book reconciling items.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
- Required: 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.arrow_forwardPlease help.me to do part a and b. Thank you for your helparrow_forwardPlease review the attached files. Thank youarrow_forward
- Prepare the bank reconciliation statement as 31 July 2021 for Mimosa General Dealers. Hint: Begin the reconciliation statement with the balance as per the adjusted bank account per Q.2.1 above. Clearly indicate if the balance per the bank statement amount you arrive at is a favourable or unfavourable balance as a mark will be awarded for this.arrow_forwardInstructions: Prepare the bank reconciliation statement and the adjusting entries. Masigla Co. is closing its books for the month ended June 2019. As the company's accountant, prepare a bank reconciliation based on the following reconciling items. 1. The bank statement has an ending balance of P133,680. 2. The cash in bank general ledger book balance is P46,300. 3. The bank statement contains a P350 charges for new checks that the company ordered. 4. The bank statement returns a deposit of P5,000 due to "no sufficient funds" for an accounts receivable being collected, and charges the company P500. 5. The bank statement contains interest income of P1,030. 6. Masigla Co. issued P145,500 of checks that have not yet cleared in the bank. 7. Masigla Co. deposited P55,000 of checks at month-end that have not appeared yet on the bank statementarrow_forwardBank Reconciliation REQUIRED: A. Based on the application of the necessary procedures and appreciation of the above data, you are to provide the answers to the following: 1. How much is the unadjusted book receipts for August? 2. How much is the unadjusted book disbursements for August? 3. How much is the adjusted book receipts for August? 4. How much is the adjusted book disbursements for August? 5. How much is the adjusted cash balance as of August 31, 2022? B. Show the four column proof of cash as of August 31, 2022. C. Show the correct bank reconciliation, in good form, on August 31, 2022.arrow_forward
- Firebird 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_forwardThe bookkeeper for Blossom Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 15 19 21 25 25 27 28 31 BLOSSOM MANUFACTURING LTD. Bank Statement May 31 NSF fee Description Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 Cheque, No. 006 Returned cheque-NSF, S. Gillis Cheque, No. 009 Cheque, No. 010 Bank service charges Amounts Deducted from Account (Debits) 1.648 7,277 8,457 1,016 1,377 31 2,173 2,005 43 Amounts Added to Account (Credits) 25,500 4,743 Balance 25,500 23,852 16,575 21,318 12,861 11,845 10,468 10,437 8,264 6,259 6,216 Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following:arrow_forwardWhat is the adjusted receipts balance on December 31, 2021?arrow_forward
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