Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 7, Problem 19AE
1.
To determine
Prepare the bank reconciliation on November 30, 2018 for Incorporation CP and also determine the amount of cash balance as on November 30, 2018.
2.
To determine
Prepare the necessary
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Learning Task 5 Directions: Using the information below, prepare a Bank Reconciliation Statement.Bank reconciliation problem:• The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015.• On this date the balance of cash per books is P11,589.45.• Additional information are provided below: Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40 Outstanding checks: No. 453-P3,000.00 No. 457-P1,401.30 No. 460-P1,502.70• Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00.• Bank memoranda: Debit– NSF check from Pedro P425.60 Debit– Charge for printing company checks P30.00 Credit – Collection of note receivable for P1,000 plus interest earned of P50, less bank collection fee of P15.00.Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor. Bank Credit Memo are additions made by the bank to the account of the deposito
The following information is available for Pyle Garage for March, Year 2:
BANK STATEMENTHAZARD STATE BANK215 MAIN STREETHAZARD, GA 30321
Pyle Garage629 Main StreetHAZARD, GA 30321
Account number62-00062March 31, Year 2
Beginning balance 3/1/Year 2
$9,070
Total deposits and other credits
30,096
Total checks and other debits
25,024
Ending balance 3/31/Year 2
14,142
Checks and Debits
Deposits and Credits
Check No.
Amount
Date
Amount
1462
$
3,795
March
1
$
1,140
1463
1,684
March
2
6,548
1464
8,040
March
6
4,976
1465
2,946
March
12
6,209
1466
1,449
March
17
6,006
1467
6,220
March
22
2,126
DM
60
CM
3,091
1468
830
The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2:
Date
Check No.
Amount of Check
Date
Amount of Deposit
March
1
1463
$
1,684
March
1
$
6,548
March
5…
At November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding
checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's
adjusted cash balance on November 30?
Select one:
a. RO4.590
b. R.O.4.320
CRO4.870
d. RO.4.870
Chapter 7 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 7.A - Prob. 1SECh. 7.A - Prob. 2SECh. 7.A - Prob. 3AECh. 7.A - Prob. 4AECh. 7.A - Prob. 5BECh. 7.A - Prob. 6BECh. 7.A - Prob. 7APCh. 7.A - Prob. 8BPCh. 7 - Which duties should be segregated in the...Ch. 7 - Prob. 2DQ
Ch. 7 - Prob. 3DQCh. 7 - Why does the allowance method of accounting for...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - How would the net realizable value of Accounts...Ch. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 1SCCh. 7 - Prob. 2SCCh. 7 - Prob. 3SCCh. 7 - Prob. 4SCCh. 7 - Prob. 5SCCh. 7 - Prob. 6SCCh. 7 - Prob. 7SCCh. 7 - Prob. 8SCCh. 7 - Prob. 9SCCh. 7 - Prob. 10SCCh. 7 - Prob. 11SCCh. 7 - Prob. 12SCCh. 7 - Prob. 1SECh. 7 - Prob. 2SECh. 7 - Prob. 3SECh. 7 - Prob. 4SECh. 7 - Prob. 5SECh. 7 - Prob. 6SECh. 7 - Prob. 7SECh. 7 - Prob. 8SECh. 7 - Prob. 9SECh. 7 - Prob. 10SECh. 7 - Prob. 11SECh. 7 - Prob. 12SECh. 7 - Prob. 13SECh. 7 - Prob. 14SECh. 7 - Prob. 15SECh. 7 - Quick ratio (Learning Objective 7) 510 min....Ch. 7 - Prob. 17SECh. 7 - Prob. 18AECh. 7 - Prob. 19AECh. 7 - Prob. 20AECh. 7 - Prob. 21AECh. 7 - Prob. 22AECh. 7 - Prob. 23AECh. 7 - Prob. 24AECh. 7 - Prob. 25AECh. 7 - Prob. 26AECh. 7 - Prob. 27AECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 29AECh. 7 - Prob. 30BECh. 7 - Prob. 31BECh. 7 - Prob. 32BECh. 7 - Prob. 33BECh. 7 - Prob. 34BECh. 7 - Aging of accounts receivable allowance method...Ch. 7 - Prob. 36BECh. 7 - Prob. 37BECh. 7 - Prob. 38BECh. 7 - Prob. 39BECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 41BECh. 7 - Prob. 42APCh. 7 - Prob. 43APCh. 7 - Prob. 44APCh. 7 - Prob. 45APCh. 7 - Prob. 46APCh. 7 - Accounting for notes receivable (Learning...Ch. 7 - Prob. 48APCh. 7 - Prob. 49BPCh. 7 - Prob. 50BPCh. 7 - Prob. 51BPCh. 7 - Prob. 52BPCh. 7 - Prob. 53BPCh. 7 - Prob. 54BPCh. 7 - Prob. 55BPCh. 7 - Continuing Exercise In this exercise, we continue...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1CFSAPCh. 7 - Prob. 1EIACh. 7 - Prob. 2EIACh. 7 - Financial Analysis Purpose: To help familiarize...Ch. 7 - Industry Analysis Purpose: To help you understand...Ch. 7 - Prob. 1SBACh. 7 - Prob. 1WC
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- b. Deposits in transit, $1,500. The following items could appear on a bank reconciliation: d. Bank collection of note receivable of $800, and interest of $80. fallowing items could appear on a bank reconciliation: Learn a. Outstanding checks, $670. NSF check from customer, no. 548, for $175. e Interest earned on bank balance, $20. f. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. h. The bank incorrectly decreased the business's account by $350 for a check written by another business. Classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.arrow_forward4. Describe the nature of a bank reconciliation statement. 5. Identify common reconciling items and describe each of them. 6. Analyze the effects of the identified reconciling items. Reference: Quarter 1 Module 9 - Fundamentals of Accountancy, Business and Management 2 LEARNING ACTIVITY 9:1 Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank Statement of Banco de Oro. Cash Receipts Journal O.R. Number 0001 0002 Amount Date Payor P 30,000 June 3 Odessa Allera 20,000 5,000 10,000 20 Arnold Navales 0003 Juanita Nambatac 29 30 0004 Kyle Jamora Cash Disbursements Journal Check Number 6581 .6582 6583 6584 Amount Date Рayee Star 5 Grocery DX Convenience Store MY Store Eddie Gomez P 5,000 7,000 10,000 June 5 15 21 8,000 9,000 25 28 Rodolfo de la Torre 6585 Banco de Oro Bank Statement For the month of June, 20A Date Withdrawal Deposit P 30,000 Balance June 4 P 30,000 25,000 45,000 15 6581 P 5,000 21 20,000 25 6584 8,000 37,000 28 6585 9,000…arrow_forwardezto.mheducation.com kes Learning | Home mination II Saved Help Save & Exit Submit Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $8,250. The bank reconciliation for the month contained the following items: 15 Deposits in transit Outstanding checks $870 645 56 Interest earned 20 ints NSF check returned to bank Bank service charge 220 70 A 01:39:45 Given the above information, what up-to-date ending cash balance should Rollin report at month-end? Multiple Choice $7,980. $8,530. Mc Graw MacBook DII DD 80 F10 FB F9 F7 F5 F2 F3 23 2$ % & @ 3 4 6. 7 8 W R T. Y G H. J K S D * 00arrow_forward
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