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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Cornerstone Exercise 4-20 Bank Reconciliation

Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following:

Chapter 4, Problem 20CE, Cornerstone Exercise 4-20 Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of , example  1

An analysis of canceled checks and deposits and the records of Tiny revealed the following items:

Chapter 4, Problem 20CE, Cornerstone Exercise 4-20 Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of , example  2

Required:

  1. Prepare a bank reconciliation at October 31 , 2019, in form.
  2. Record any necessary adjusting journal entries.
  3. What is the amount of cash that should reported on the October 31 , 2019, balance sheet?

B.

To determine

Introduction: Bank Reconciliation statement is the statement reconcile the two book which one is cash book and another one is pass book (bank book). In these two books there was an error either form the side of company or either form the side of bank and thereafter company reconcile these two books.

To pass:

Pass necessary journal entry.

Explanation
    DateParticularDr. ($)Cr. ($)
    Service charge
    bank
    (Being the service charge recorded)
    65
    65
    Bank

C.

To determine

Introduction: Bank Reconciliation statement is the statement reconcile the two book which one is cash book and another one is pass book (bank book). In these two books there was an error either form the side of company or either form the side of bank and thereafter company reconcile these two books.

To choose: The amount reported in the cash balance sheet.

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