Financial & Managerial Accounting
14th Edition
ISBN: 9781337119207
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 7, Problem 7.17EX
To determine
To identify: The reconciling items.
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Which of the following is supported with a debit memorandum?
a.proceeds of bank loan
b.collections already forwarded to the bank for deposit but too late to appear in the bank statement
c.matured time deposits transferred by bank to the current account
d.notes receivable collected by the bank in favor of the depositor
e.charges for penalty
Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation?
a. Bank service charge
b. Chargeback for NSF check
c. Deposit in transit
d. Bank interest
A journal entry would need to be made for which of the following adjustments on a bankreconciliation?a. Bank service chargesb. Outstanding checksc. Deposits in transitd. Bank error to be corrected by the bank
Chapter 7 Solutions
Financial & Managerial Accounting
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Internal control elements Identify each of the...Ch. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Sarbanes-Oxley internal control report Using...Ch. 7 - Prob. 7.2EXCh. 7 - Prob. 7.3EXCh. 7 - Prob. 7.4EXCh. 7 - Prob. 7.5EXCh. 7 - Prob. 7.6EXCh. 7 - Prob. 7.7EXCh. 7 - Prob. 7.8EXCh. 7 - Prob. 7.9EXCh. 7 - Prob. 7.10EXCh. 7 - Prob. 7.11EXCh. 7 - Entry for cash sales; cash short The actual cash...Ch. 7 - Entry for cash sales; cash over The actual cash...Ch. 7 - Prob. 7.14EXCh. 7 - Prob. 7.15EXCh. 7 - Prob. 7.16EXCh. 7 - Prob. 7.17EXCh. 7 - Prob. 7.18EXCh. 7 - Prob. 7.19EXCh. 7 - Prob. 7.20EXCh. 7 - Prob. 7.21EXCh. 7 - Prob. 7.22EXCh. 7 - Prob. 7.23EXCh. 7 - Prob. 7.24EXCh. 7 - Prob. 7.1APRCh. 7 - Prob. 7.2APRCh. 7 - Prob. 7.3APRCh. 7 - Prob. 7.4APRCh. 7 - Prob. 7.5APRCh. 7 - Prob. 7.1BPRCh. 7 - Prob. 7.2BPRCh. 7 - Prob. 7.3BPRCh. 7 - Prob. 7.4BPRCh. 7 - Prob. 7.5BPRCh. 7 - Continuing Company AnalysisAmazon: Days cash on...Ch. 7 - Apache: Days cash on hand Apache Corporation is an...Ch. 7 - Krispy Kreme and Dunkin: Days cash on hand Krispy...Ch. 7 - Nike, lululemon, and Under Armour: Days cash on...Ch. 7 - Prob. 7.1TIFCh. 7 - Communication Wholesome and Happy Foods is a...
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- Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bankarrow_forwardPrepare the journal entry to reconcile the bank statement in EB7.arrow_forwardLeann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.arrow_forward
- Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transitarrow_forwardPrepare the journal entry required to reconcile the book balance to the bank balance.arrow_forwardWhat should be done if differences are found between the bank statement and the book account?arrow_forward
- Inner Resources Company received the following bank statement. Using the information from PA11 and PA12, prepare the bank reconciliation.arrow_forwardOn a bank reconciliation, which of the following is added to the balance per book? Interest earned on the bank balance. EFT payments to vendors. Deposits in transit. Outstanding checks.arrow_forwardWhich of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with an adjusted cash balance? a. Reduction of the loan charged to the account of depositor b. Outstanding checks c. Deposit in transit d. Certified checksarrow_forward
- Which of the following items must be deducted to the balance per ledger in preparing a bank reconciliation, which ends with adjusted cash balance? Interest on deposits Collections from customers Service charges Erroneous bank debitarrow_forwardmethod of preparing bank reconciliation wherein the bank balance is adjusted to agree with the book balance a. bank to book method b. adjusted method c. bank to bank methodarrow_forwardAfter preparing a bank reconciliation, what adjustments does the company need to make to its records?arrow_forward
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