Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 6, Problem 5PSA
Summary Introduction
Introduction:
To determine: The bank reconciliation of the given statements and pass journal entries.
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In comparing the canceled checks on the bank statement with the entries in the accounting records, Tanner Company found that check number 4239 for May's rent was correctly written and drawn for $6,750 but was erroneously entered in the accounting records as $6,570. When preparing the May bank reconciliation, the Tanner Company should: Select one: A. Add $180 to the book balance of cash B. Deduct $180 from the bank statement balance C. Add $180 to the bank statement balance D. Deduct $180 from the book balance of cash
In comparing the processed checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $970 but was erroneously entered in the accounting records as $790.
The journal entry to adjust the books for the bank reconciliation would include which of the following for this situation?
a) $970 increase to Cash and a $790 decrease to Utility Expense.
b) $180 increase to Cash and a $180 increase to Utility Expense.
c) $180 decrease to Cash and a $180 increase to Utility Expense.
d) $180 decrease to Cash and a $180 decrease to Utility Expense.
e) $180 increase to Cash and a $120 decrease to Utility Expense.
Yardworx reconciled its book balance of Cash with its bank statement balance on April 30 and showed two cheques outstanding at the time, #1771 for $15463 and # 1780 for $955.65.
The following information is available for May 31, 2020 reconciliation:
From May 31, 2020 bank statement:
Cheque #1788 was correctly written for $985.65 to pay for May utilities however, the bookkeeper misread the amount and entered it in the accounting records with a debt to Utilities expenses and credit to Cash as though it were for $895.65. the bank paid ad deducted the correct amount.
The NSF cheque was originally received from a customer, Gertie Mayer, in payment of her account. Its return was unrecorded.
The credit memo resulted from $5300 electronic fund transfer for the collection of a customer payment. The bank had deducted a $100 bank service charge fee. The collection has not been recorded in the company books.
Required:
Prepare reconciliation for yardworxs
Prepare the general journal entries…
Chapter 6 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 6 - List the seven braod principles of internal...Ch. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Refer to Google’s financial statements in Appendix...Ch. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Prob. 5QSCh. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QSCh. 6 - Prob. 11QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1FSACh. 6 - Prob. 2FSACh. 6 - Prob. 3FSACh. 6 - Prob. 1BTNCh. 6 - Assume you are a business consultant. The owner of...Ch. 6 - Prob. 4BTNCh. 6 - Review the opening feature of this chapter that...Ch. 6 - Prob. 6BTN
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