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Exercise 4-45 Bank Reconciliation (Partial) OBJECTIVE The cash account for Pin Corporation contains the following information for June: Cash balance, 5131 $18,131] @ Cash received during June 42,651] $60,789 5H0“ HE HOW Cash disbursements during June: Check 8255 $12,850 Check 8256 22,375 Check 8257 9,620 Check 8258 2,735 52,581 Cash balance, 6,130 $ 8,200 (Continued) The bank statement for April contains the following information: Bank balance. 5131 534,525 Add: Deposits during June 42,650 STE, 1‘1'5 Less: Checks paid during June: Check 8253 $ 1.221] Check 8254 14675 Check 8255 17.851] Check 8256 22.375 56,620 Bank balance. 6.130 520,555 Required: Assuming there were no deposits in transit at May 31 and that all outstanding checks at May 31 cleared during June, do the following: Identify the outstanding checks at June 301 Prepare the reconciliation of the bank and cash account balances at June 30. Identify the outstanding checks at May 31. Prepare the reconciliation of the bank and cash account balances at May 31. CONCEPTUAL CONNECTION Why could you not perform the bank reconciliations without knowing that there were no deposits in transit on May 31 and that all outstanding checks at May 31 cleared during June?

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Chapter 4, Problem 45E
Textbook Problem

Exercise 4-45 Bank Reconciliation (Partial) OBJECTIVE

The cash account for Pin Corporation contains the following information for June:

Cash balance, 5131 $18,131] @

Cash received during June 42,651]

$60,789 5H0“ HE HOW

Cash disbursements during June:

Check 8255 $12,850

Check 8256 22,375

Check 8257 9,620

Check 8258 2,735 52,581

Cash balance, 6,130 $ 8,200

(Continued)

The bank statement for April contains the following information:

Bank balance. 5131 534,525

Add: Deposits during June 42,650

STE, 1‘1'5

Less: Checks paid during June:

Check 8253 $ 1.221]

Check 8254 14675

Check 8255 17.851]

Check 8256 22.375 56,620

Bank balance. 6.130 520,555

Required:

Assuming there were no deposits in transit at May 31 and that all outstanding checks at May 31 cleared during June, do the following:

Identify the outstanding checks at June 301

Prepare the reconciliation of the bank and cash account balances at June 30.

Identify the outstanding checks at May 31.

Prepare the reconciliation of the bank and cash account balances at May 31.

CONCEPTUAL CONNECTION Why could you not perform the bank reconciliations without knowing that there were no deposits in transit on May 31 and that all outstanding checks at May 31 cleared during June?

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Chapter 4 Solutions

Cornerstones of Financial Accounting
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Bank Reconciliation OBJECTIVE The...Ch. 4 - OBJECTIVE Problem 4-6111 Recording Petty Cash...Ch. 4 - Problem 4-553 Role of Internal Control Internal...Ch. 4 - Problem 4-563 Internal Control Procedures for Cash...Ch. 4 - Problem 4-515 internal Control for Cash After...Ch. 4 - Problem 4-585 Bank Reconciliation OBJECTIVE o...Ch. 4 - OBJECTNE The items on the bank statement are...Ch. 4 - Problem 4-603 Bank Reconciliation OBJECTIVE o The...Ch. 4 - Problem 4-61 B Recording Petty Cash Transactions...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-62 Ethics and Cash Controls You have just...Ch. 4 - Case 4-63 The Operating Cycle There are two retail...Ch. 4 - Case 4-63 The Operating Cycle There are two retail...Ch. 4 - Case 4-64 Internal Controls for Cash Disbursements...Ch. 4 - Case 4-64 Internal Controls for Cash Disbursements...Ch. 4 - Case 4-65 Internal Controls for Collection of...Ch. 4 - Case 4-66 Cash Management Hollis Corporation has...Ch. 4 - Case 4-66 Cash Management Hollis Corporation has...Ch. 4 - Case 4-67 Cash and Internal Controls Identify a...Ch. 4 - Case 4-67 Cash and Internal Controls Identify a...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-68 Researching and Analysis Using the...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-69 Comparative Analysis: Under Armour,...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...

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