1. Explanation Bank Reconciliation Statement: Bank reconciliation statement (BRS) can be defined as the abstract of activities of the business that reconcile the financial records with the bank account of the entity. It symbolizes the withdrawals, deposits and other tasks that may impact the bank balance. The adjusted bank balance and adjusted book balance section of the BRS: Company BCK Bank Reconciliation Statement July 31, 2019 Amount ($) Amount ($) Balance on bank statement 9,442.03 Additions: Deposit of August 31 in transit 994.07 10,436.10 Deductions for outstanding checks: Check 533 151.95 Check 535 122.50 Check 537 625.40 Total outstanding checks 899... 2. To determine Prepare necessary journal entries from the BRS.

4th Edition

ISBN: 9781260255157

Author: Haddock

Publisher: MCG CUSTOM

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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 9, Problem 4PB

To determine

Prepare bank reconciliation statement.

To determine

Prepare necessary journal entries from the BRS.

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Chapter 9, Problem 3PB

Chapter 9, Problem 5PB

Chapter 9 Solutions

COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<

Ch. 9 - Prob. 1.1SRQ Ch. 9 - What is a promissory note? In what situation would...Ch. 9 - How would the receipt of a 62 refund for supplies...Ch. 9 - Prob. 1.4SRE Ch. 9 - Prob. 1.5SRE Ch. 9 - Prob. 1.6SRA Ch. 9 - Prob. 2.1SRQ Ch. 9 - Prob. 2.2SRQ Ch. 9 - Prob. 2.3SRQ Ch. 9 - Prob. 2.4SRE

Ch. 9 - Prob. 2.5SRE Ch. 9 - Prob. 2.6SRA Ch. 9 - Prob. 3.1SRQ Ch. 9 - Prob. 3.2SRQ Ch. 9 - Prob. 3.3SRQ Ch. 9 - Prob. 3.4SRE Ch. 9 - Prob. 3.5SRE Ch. 9 - Prob. 3.6SRA Ch. 9 - Prob. 1CSR Ch. 9 - Prob. 2CSR Ch. 9 - Prob. 3CSR Ch. 9 - Prob. 4CSR Ch. 9 - Prob. 5CSR Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - Prob. 3DQ Ch. 9 - Prob. 4DQ Ch. 9 - Prob. 5DQ Ch. 9 - Prob. 6DQ Ch. 9 - Prob. 7DQ Ch. 9 - Prob. 8DQ Ch. 9 - Prob. 9DQ Ch. 9 - Prob. 10DQ Ch. 9 - Prob. 11DQ Ch. 9 - Prob. 12DQ Ch. 9 - Prob. 13DQ Ch. 9 - Prob. 14DQ Ch. 9 - Prob. 15DQ Ch. 9 - Prob. 16DQ Ch. 9 - Prob. 17DQ Ch. 9 - Prob. 18DQ Ch. 9 - Prob. 1E Ch. 9 - Prob. 2E Ch. 9 - Prob. 3E Ch. 9 - Prob. 4E Ch. 9 - Prob. 5E Ch. 9 - Prob. 6E Ch. 9 - Prob. 7E Ch. 9 - Prob. 8E Ch. 9 - Journalizing cash receipts, cash short or over,...Ch. 9 - Prob. 2PA Ch. 9 - Prob. 3PA Ch. 9 - Prob. 4PA Ch. 9 - Prob. 5PA Ch. 9 - Prob. 6PA Ch. 9 - Prob. 1PB Ch. 9 - Prob. 2PB Ch. 9 - Prob. 3PB Ch. 9 - Prob. 4PB Ch. 9 - Prob. 5PB Ch. 9 - Prob. 6PB Ch. 9 - Prob. 1CTP Ch. 9 - Prob. 2CTP Ch. 9 - Prob. 1MF Ch. 9 - Prob. 2MF Ch. 9 - Prob. 3MF Ch. 9 - Prob. 4MF Ch. 9 - Prob. 5MF Ch. 9 - Prob. 6MF Ch. 9 - Prob. 7MF Ch. 9 - Prob. 8MF Ch. 9 - Borrowing from Petty Cash Daniel Brown is in...Ch. 9 - Prob. 1FSA

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Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456

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