Bank reconciliation statements means to reconcile entities’ or organization’s bank accounts and its financial statements. By reconciling the bank accounts and financial statements of the organization it outlines the withdrawals and deposits and other activities relating to the bank account which affects the financial status of the organizations. Bank reconciliation is a part of internal control system which helps to detect fraud. To determine: The bank reconciliation of the given statements.

Question

Want to see the full answer?

Answer 1

Question

Chapter 6, Problem 9E

Summary Introduction

Introduction: Bank reconciliation statements means to reconcile entities’ or organization’s bank accounts and its financial statements. By reconciling the bank accounts and financial statements of the organization it outlines the withdrawals and deposits and other activities relating to the bank account which affects the financial status of the organizations. Bank reconciliation is a part of internal control system which helps to detect fraud.

To determine: The bank reconciliation of the given statements.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.) Debit or Shown or Not Item Bank Balance Book Balance Credit to Cash Shown on Account Reconciliation 1. NSF check from a customer is shown on the bank statement but not yet recorded by the company. NA Subtract Cr. Shown 2. Checks written by another depositor but mistakenly charged against this company's account. 3. Outstanding checks to suppliers existed at the end of September. 4. Check written against the company's account and cleared by the bank erroneously not recorded by the company's recordkeeper. 5. Bank service charge for September is not yet recorded by the company. 6. The company made a…

A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.)

Int A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.) Debit or Item Bank Balance Book Balance Credit to Cash Account 1. Checks written by another depositor but mistakenly charged against this company's account. 2: Outstanding checks to suppliers existed at the end of September 3. Bank service charge 4. Check written against the company's account and cleared by the bank erroneously not recorded by the company's recordkeeper. 5. The company made a month-end accrual for wages eamed but not yet paid. 6 Deposits in transit as of September 30 were not recorded by the bank unts October 3, 7. The company had outstanding checks to employees on September 30.…