Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences. The bank reconciliation statement for May 31.

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Answer 1

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Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

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Question: The following errors were found when the controller at Mountain Motel was doing the June 30 bank reconciliation. On June 25, the bank posted a cheque in the amount of $825 to Mountain’s bank account. The cheque had been written by another company, Mountainside Company. For each of these errors, (a) indicate if and how it would be shown on the bank reconciliation, and (b) prepare the journal entry for Mountain if required. Please explain for the answer.

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

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Answer 2

Question

Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

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Answer 3

Question

Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

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Answer 4

Question

Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

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Answer 5

Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

Answer 6

Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

Answer 7

Chapter 6, Problem 5PSB

1.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.

Answer 8

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

Answer 9

2.

To determine

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The journal entries to adjust the book balance of cash to the reconciled balance.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 6 - Prob. 1QS Ch. 6 - Prob. 2QS Ch. 6 - Prob. 3QS Ch. 6 - Prob. 4QS Ch. 6 - Prob. 5QS Ch. 6 - Prob. 6QS Ch. 6 - Prob. 7QS Ch. 6 - Prob. 8QS Ch. 6 - Prob. 9QS Ch. 6 - Prob. 10QS

Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences. The bank reconciliation statement for May 31.

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences. The bank reconciliation statement for May 31.

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Chapter 6 Solutions

Concept Introduction: Bank reconciliation statement is prepared to reconcile the account balance with the bank statement because the account balance and the balance in the bank are rarely equal, mainly due to timing differences.

The bank reconciliation statement for May 31.