Explanation First compute the following adjustments to ascertain the amount to be reflected in reconciliation statement: Computation of deposits in transit: Deposits as per books $5,810 Deposit as per bank in July $5,000 Less: Deposit in transit in June $1,540 Deposits mailed and received in July $3,460 Deposit in transit, July 31 $2,350 Computation of outstanding checks: Checks written as per books $3,100 Checks cleared by bank in July $4,000 Less: Outstanding checks in June $2,000 Checks written and cleared in July $2,000 Outstanding checks, July 31 $1,100 Now prepare Bank Reconciliation Statement in the ... To determine b) To prepare: To pass the journal entries to rectify the cash account.

17th Edition

ISBN: 9781119503682

Author: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Publisher: WILEY

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Chapter 7, Problem 24E

To determine

Bank Reconciliation: Checking the difference between the cash balance on the company’s books and the bank statement balance is known as reconciliation. The motive of reconciling is to ensure that the company accounts are accurate and complete without any fraud and embezzlement of company’s fund.

a)

To prepare the bank reconciliation statement.

To determine

b)

To prepare: To pass the journal entries to rectify the cash account.

Expert Solution & Answer

Chapter 7 Solutions

Intermediate Accounting, 17th Edition

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - 7. Discuss the accounting for sales allowances and...Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Ch. 7 - Prob. 11Q Ch. 7 - Prob. 12Q Ch. 7 - Prob. 13Q Ch. 7 - Prob. 14Q Ch. 7 - Prob. 16Q Ch. 7 - Prob. 17Q Ch. 7 - Prob. 18Q Ch. 7 - Prob. 19Q Ch. 7 - Prob. 20Q Ch. 7 - Prob. 21Q Ch. 7 - Prob. 22Q Ch. 7 - Prob. 23Q Ch. 7 - *24. Distinguish among the following: (1) a...Ch. 7 - Prob. 25Q Ch. 7 - Prob. 26Q Ch. 7 - Prob. 3BE Ch. 7 - Prob. 4BE Ch. 7 - BE7-6 (L03) Use the information presented in BE7-5...Ch. 7 - Prob. 8BE Ch. 7 - Prob. 10BE Ch. 7 - Prob. 11BE Ch. 7 - Prob. 12BE Ch. 7 - Prob. 13BE Ch. 7 - BE7-14 (L07) Recent financial statements of...Ch. 7 - Prob. 15BE Ch. 7 - Prob. 16BE Ch. 7 - Prob. 17BE Ch. 7 - Prob. 2E Ch. 7 - E7-4 (L02) (Determining Ending Accounts...Ch. 7 - Prob. 5E Ch. 7 - Prob. 6E Ch. 7 - E7-7 (L03) (Recording Bad Debts) Duncan Company...Ch. 7 - Prob. 8E Ch. 7 - Prob. 9E Ch. 7 - Prob. 10E Ch. 7 - Prob. 11E Ch. 7 - Prob. 12E Ch. 7 - Prob. 16E Ch. 7 - Prob. 17E Ch. 7 - Prob. 20E Ch. 7 - Prob. 21E Ch. 7 - Prob. 22E Ch. 7 - Prob. 23E Ch. 7 - Prob. 24E Ch. 7 - Prob. 3P Ch. 7 - Prob. 1CA Ch. 7 - Prob. 3CA Ch. 7 - Prob. 8CA Ch. 7 - Prob. 10CA Ch. 7 - Prob. 1CE Ch. 7 - Prob. 2CE Ch. 7 - Prob. 3CE Ch. 7 - Prob. 4CE Ch. 7 - Prob. 1CRC Ch. 7 - Prob. 1IST Ch. 7 - Prob. 2IST Ch. 7 - Prob. 3IST Ch. 7 - Prob. 4IST Ch. 7 - Prob. 5IST Ch. 7 - Prob. 1ICA Ch. 7 - Prob. 3ICA

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