Prepare a bank reconciliation statement of the given information above.
Q: Prepare the Bank Reconciliation Statement
A: Bank Reconciliation statement is prepared in order to reconcile the cash account balance as per the…
Q: Will journal entries be necessary based on the book or bank adjustments you discovered in the bank…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: bank reconciliation statement preparation
A: Option 1 is wrong because as per bank to book method of bank reconciliation, bank balance is…
Q: Explain how will you analyze Financial Statements of a Bank.
A: Bank financial statement Although banks' financial statements generally follow a similar format to…
Q: Explain the steps of bank reconciliation in Accounting.
A: A statement that is prepared to identify the reasons for the difference and to reconcile the…
Q: On a bank reconciliation. Deposit in transit is.....?
A: Bank reconciliation is a method of reconciliation of balance in bank book with the total of balance…
Q: Discuss the need for the bank reconciliation statement
A: Bank Reconcilation Statement: Bank reconcilation statement reconciles an entity’s bank account with…
Q: After preparing a bank reconciliation, what adjustments does the company need to make to its…
A:
Q: Explain the treatment of certified check for bank reconciliation purposes
A: Solution A certified check is a check for which issuing bank guarantees the availability of cash in…
Q: Why is it important to prepare a bank reconciliation
A: Bank reconciliation is the statement prepared by the entities to check if there are any variations…
Q: What is the bank reconciliation statement
A: The cash book is prepared to keep the record of cash balance.
Q: Critically discuss the effect of deposit insurance on bank stability.
A: The deposit insurance is an insurance product that is offered to reduce or eliminate the risk of…
Q: Describe the purpose and steps of the bank reconciliation
A: The practise of comparing a corporation's records with its bank statements to verify that all…
Q: which audit assertions the audit procedure of cash count and bank confirmation requests will meet?
A: The financial statements prepared by the management may contain misstatements, and any other…
Q: What is a bank reconciliation statement and how does it work?
A: Bank reconciliation is also known as a passbook. A bank reconciliation statement is a book that…
Q: Who is responsible for preparing the bank reconciliation and what is the purpose of it
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: What is bank reconciliation and how do l prepare a bank reconciliation statement
A: Answer is provided as follows:
Q: . Describe three reasons that a Bank Reconciliation Statement should be done
A: Bank Reconciliation Statement: Bank reconciliation statements describe banking and business…
Q: Prepare its bank reconciliation using the above information.
A: Solution:- WRIGHT COMPANY…
Q: Indicate how each of the following items would be included on a bank reconciliation.
A: A bank reconciliation statement is a summary of banking and business activity that reconciles an…
Q: On receiving the bank cutoff statement, the auditor should trace:
A: A bank cut off statement is the statement of bank as on a specified date which is subsequent to the…
Q: Explain the purpose for preparing bank reconciliation statement.
A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…
Q: Using the following information, prepare a bank reconciliation.
A: “Since you have posted multiple questions, we will be answering the first question. In order to…
Q: Define Bank Statement
A:
Q: prepare a bank reconciliation.
A: Bank Reconciliation is process in accounting in which company compare or match their bank statements…
Q: Using the following information and prepare a bank reconciliation.
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Q: Discuss what is a bank statement.
A: Bank is a financial institution which performs various functions for its customers like providing…
Q: What steps does an auditor ordinarily take when confirming cash balances held on deposits with…
A:
Q: Part ii. Prepare the journal entries resulting from the bank reconciliation
A: Solution:- Preparation of Journal entries as follows under:- Note:- If any expenses charged, journal…
Q: Identify and explain the procedures that are important to the examination of bank’s accounts.
A: The banking industry is the pivot of any economy and its financial system. Banks are one of the…
Q: Which field typically appears in the Bank Register but not usually in reports?
A: QuickBooks is accounting software used by small and medium-sized businesses to get good accounting…
Q: What is a bank reconciliation?
A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…
Q: Describe how a bank might use standards.
A: Standards are a set of the parameter for any process which is used to run the businesses. It is main…
Q: What are credit memos and discuss the treatment in the preparation of bank reconciliation.
A: Bank reconciliation statement is a statement in which closing balances of bank & cash book(bank…
Q: Bank reconciliation
A: Bank reconciliation statement is a statement that depositors prepare to find , explain and…
Q: In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a…
A: Bank Reconciliation Statement - Business firms record the transaction which help them to maintain…
Q: Prepare a bank reconciliation statement
A: Bank Reconciliation statement is prepared when there is difference between cash balance as per…
Q: basic concepts of bank reconciliation.
A: Bank Reconciliation: In the banking scenario, the account and mirror account having the opposite…
Q: Discuss the three forms of bank reconciliation.
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Entries for Bank Reconciliation
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- (Appendix 3.1) Cash-Basis Accounting Puntarelli Contracting keep its accounting records on a cash basis during the year. At year end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2018, Puntarelli reported the following balance sheet items. It is now the end of 2019. The companys checkbook shows a balance of 4,700, which includes cash receipts from customers of 51,300 and cash payments of 49,300. An examination of the cash payments shows that: (1) 30,600 was paid to suppliers, (2) 12,700 was paid for other operating costs (including 7,200 paid on January 1 for 2 years annual rent), and (3) 6,000 was withdrawn by T. Puntarelli. On December 51, 2019, (1) customers owed Puntarelli Contracting 55,900, (2) Puntarelli owed suppliers and employees 7,000 and 900, respectively, and (3) the ending inventory was 6,300. Puntarelli is depreciating the equipment using straight line depreciation over a 10-year life (no residual value). Required: 1. Using accrual based accounting, prepare a 2019 income statement (show supporting calculations). 2. Using accrual-based accounting, prepare a December 31, 2019, balance sheet (show supporting calculations).Comprehensive (Appendix 3.1) Dawson OConnor is the owner of Miller Island Sales, a distributor of fishing supplies. The following is the balance sheet of the company as of December 31, 2018: Dawson keeps very few records and has asked you to help him prepare the 2019 financial statements for Miller Island Sales. An analysis of the 2019 cash transactions recorded in the companys checkbook indicates deposits and checks as follows: Other information about the company is as follows: 1. Accounts receivable at December 31, 2019; 9,200. 2. Accounts payable at December 31: 3. Salaries payable at December 31, 2019, 1,800. 4. Equipment is depreciated by the straight-line method over a 10-year life. The equipment purchased in 2019 was acquired on July 1. All of the equipment will have zero salvage value at the end of its useful life. 5. Interest payable at December 31. 2019: 140. 6. The company uses a periodic inventory system Inventory at December 31, 2019: 17,400. Required: 1. Prepare a worksheet to summarize the transactions and adjustments of Miller Island Sales for 2019. (Hint: Include debit and credit columns for both transactions and adjustments.) 2. Prepare a 2019 income statement and a balance sheet as of December 31, 2019. (Contributed by Waller A. Parker)Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents E supporting the deposits are summarized as follows: 10.8 10 Cash sale: $36,690 $49,310 @ Collections on account 10,875 9,813 Total receipts $41565 $541123 mn: HUI Required: 1. Calculate the amount 0? cash over or cash shun for each day. 2. Prepare the journal entry to record the receipt and deposit of cash on October 3. 3. Prepare the journal entry to record the receipt and deposit of cash on October 4. 4. CONCEPTUAL CONNECTION If you were the manager with responsibility over the cash registers. how would you use this information?
- Cornerstone Exercise 4-21 Cash Over and Short On a recent day, Pence Company obtained the following data from its cash registers: Pence deposits its cash receipts in its bank account daily. Required: Prepare a journal entry to record these cash sales.Hawk Enterprises identified the following items on its January,r reconciliaLion that may require adjusting entries: a. A deposit of $1,190 was recorded in Hawks accounting records. but not on the January 31 bank statement. b. A check for $3.31 was outstanding at January 31. c. Included with the bank statement was a check for $560 written by Eagle Corporation. The bank had in error, deducted this check from Hawks account. d. Bank service charges were $371. e. An NSF check written by one of Hawks customers in the amount of $1,150 was returned by the bank with Hawks bank statement. This customer was paying for merchandise originally purchased on account. Required: For each of these five items, prepare an adjusting entry for Hawks jaumai1 if any is required.Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.
- Continuing Problem 4.Total of Debit column: 40,750 The transactions completed by PS Music during June 20Y5 were described .it the end of Chapter 1. The following transactions were completed during July, the second month of businesss operations: July 1. Peyton Smith made an additional investment k PS Music in exchange for common stock by depositing 5,000 in PS Mu wet checking account. 1.Instead of continuing to share office space with a local real estate agency. Peyton decided to rent office space near a local musk store, Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft and fire. The policy covers a one year period. 2.Received 1,000 on account 3. On behalf of PS Musk, Peyton signed a contract with a local radio station. KXMD, to provide guest spots for the next three months. The contract requires PS Musk to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 2SO on account 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart. 7,500. 8.Paid for a newspaper advertisement 200. 11.Received 1.000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Pane 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account 850 21.Paid 620 to Upload Musk for use of its current musk demos in making various musk sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500 Received 750, with the remainder due August 4.20YS. 27.Paid electric Ml 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500, Received S00 with the remainder due on August 9. 20Y5. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1.400 royalties (musk expense) to National Musk Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts Receivable 1,000 14 Supplies 170 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4.000 33 Dividends 500 41 Fees Earned 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 67S 53 Utilities Expense 300 54 Music Expense 1.590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 20Y5, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 20Y5.Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: Answer the following questions: What were the major sources and uses of cash for each company?