Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 8, Problem 8SP
1)
To determine
To prepare a statement with monthly bank reconciliation dated March 31, 2020.
2)
To determine
To prepare a
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The following information is available to reconcile Severino Co.’s book balance of cash with its bank statement cash balance as of December 31. a. The December 31 cash balance according to the accounting records is $32,878.30, and the bank statement cash balance for that date is $46,822.40. b. Check No. 1242 for $410.40, Check No. 1273 for $4,589.30, and Check No. 1282 for $400 are outstanding checks as of December 31. c. Check No. 1267 had been correctly drawn for $3,456 to pay for office supplies but was erroneously entered in the accounting records as $3,465. d. The bank statement shows a $762.50 NSF check received from a customer, Titus Industries, in payment of its account. The statement also shows a $99 bank fee in miscellaneous expenses for check printing. Severino had not yet recorded these transactions. e. The bank statement shows that the bank collected $18,980 cash on a note receivable for the company. Severino did not record this transaction before receiving the statement.…
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash
balance as of July 31.
a. On July 31, the company's Cash account has a $24,869 debit balance, but its July bank statement shows a $27,258
cash balance.
b. Check No. 3031 for $1,520, Check No. 3065 for $536, and Check No. 3069 for $2,288 are outstanding checks as of
July 31.
c. Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the
accounting records as $1,270.
d. The July bank statement shows the bank collected $5,000 cash on a note for Branch. Branch had not recorded this
event before receiving the statement.
e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch
has not yet recorded this check as NSF.
f. The July statement shows a $8 bank service charge. It has not yet been recorded in miscellaneous expenses because
no previous notification had been…
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.
On July 31, the company’s Cash account has a $25,507 debit balance, but its July bank statement shows a $27,043 cash balance.
Check No. 3031 for $1,180, Check No. 3065 for $366, and Check No. 3069 for $1,948 are outstanding checks as of July 31.
Check No. 3056 for July rent expense was correctly written and drawn for $1,280 but was erroneously entered in the accounting records as $1,270.
The July bank statement shows the bank collected $7,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement.
The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.
The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.…
Chapter 8 Solutions
Principles of Financial Accounting.
Ch. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Prob. 3MCQCh. 8 - Prob. 4MCQCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQ
Ch. 8 - Which of the following assetsinventory, building,...Ch. 8 - What is a petty cash receipt? Who should sign it?Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 1QSCh. 8 - COSO internal control components C1 COSO lists...Ch. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Prob. 7QSCh. 8 - Prob. 8QSCh. 8 - Prob. 9QSCh. 8 - Prob. 10QSCh. 8 - Prob. 11QSCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 1APCh. 8 - Prob. 2APCh. 8 - Prob. 3APCh. 8 - Prob. 4APCh. 8 - Prob. 5APCh. 8 - Prob. 1BPCh. 8 - Prob. 2BPCh. 8 - Prob. 3BPCh. 8 - Prob. 4BPCh. 8 - Prob. 8SPCh. 8 - Prob. 1AACh. 8 - Prob. 2AACh. 8 - Prob. 3AACh. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - Prob. 4BTNCh. 8 - Review the opening feature of this chapter that...Ch. 8 - Prob. 6BTN
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