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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 4, Problem 58APSA
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16CE
Problem 17CE
Problem 18CE
Problem 19CE
Problem 20CE
Problem 21CE
Problem 22CE
Problem 23CE
Problem 24CE
Problem 25BE
Problem 26BE
Problem 27BE
Problem 28BE
Problem 29BE
Problem 30BE
Problem 31BE
Problem 32BE
Problem 33BE
Problem 34BE
Problem 35BE
Problem 36BE
Problem 37BE
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Problem 40E
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Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55APSA
Problem 56APSA
Problem 57APSA
Problem 58APSA
Problem 59APSA
Problem 60APSA
Problem 61APSA
Problem 55BPSB
Problem 56BPSB
Problem 57BPSB
Problem 58BPSB
Problem 59BPSB
Problem 60BPSB
Problem 61BPSB
Problem 62.1C
Problem 62.2C
Problem 62.3C
Problem 62.4C
Problem 63.1C
Problem 63.2C
Problem 64.1C
Problem 64.2C
Problem 65C
Problem 66.1C
Problem 66.2C
Problem 67.1C
Problem 67.2C
Problem 68.1C
Problem 68.2C
Problem 68.3C
Problem 68.4C
Problem 69.1C
Problem 69.2C
Problem 69.3C
Problem 69.4C
Problem 70.1C
Problem 70.2C
Problem 70.3C
Problem 70.4C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
14 views

OBJECTIVE Problem 4-53.11 Bank Reconfirmation

E Shortly after July 31, Morse CorporaLion received a bank statement containing the following information:

Date | Checks | Deposits | Balance

6130 Bag. balance 3 2,958

711 $ 1,200 9,158

'112 5 620 $ 550 $ 344 12.500 20,144

mwmm 7:3 35 8,100 12,009

'115 311 9'! 4.000 9.100 16,701

'1'!9 4,500 '1'90 286 11,125

?112 34 ?.100 3,991

'1115 634 1.880 7.000 8,4'1'7

'1119 3,280 414 4,283

'1124 1,492 649 2,142

2129 350 61'?“ 4.620 5,735

?131 5'15 18" 5,142

’NSFched:

“Bank service charge July for cash zransacLions and balances on Morse’s records are shown in the following T-account:

Cash

Balance. 6130 $ 7.609

Amount Check Check C heck Check

Date Deposited Number Amount Number Amount

1!} $12,500 [‘16 $8,100 186 $ 1,880

715 9,100 1'17 9'." 13-; 634

7115 7,000 178 4,000 188 3, 780

7129 4.621] [‘19 31 1 189 649

7131] 2,050 180 '1, 100 190 1,492

Total deposits $35,220 181 4,500 191 31

182 “190 I92 350

183 34 193 5'15

184 286 194 22'1

185 414 195 1,123

Balance. 7131 $ 6,500 Total adjustment $36,379

Required:

1. Prepare a bank reconciliation for July.

2. Prepare the adjusting entries made by Morse Corporation as a result of 1111s reconciliation process.

3. What amount is reported as cash on the balance sheet at July 31?

1.

To determine

To prepare: A bank reconciliation.

Introduction:.Bank reconciliation is a process in which, bank account which is prepared in the books of company and is compared with the bank statement issued by bank. The difference in balances is then adjusted by recording appropriate adjusting entries.

Explanation

Reconciliation of Bank statement:

    ParticularsAmount($)Amount($)
    Closing balance5,142
    Add: Deposit in transit2,050
    Less: Outstanding checks
    Check-19137
    Check-194227
    Check-1951,123(1,

2.

To determine

To prepare: Journal entries to record adjustments required because of bank reconciliation process.

Introduction: Journal entries provide a record of the financial activities undertaken within an organization. Journal entries helps in preparation of financial statements of a company.

3.

To determine

The cash balance to be reported on the balance sheet at July 31st.

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Ch-4 P-1DQCh-4 P-2DQCh-4 P-3DQCh-4 P-4DQCh-4 P-5DQCh-4 P-6DQCh-4 P-7DQCh-4 P-8DQCh-4 P-9DQCh-4 P-10DQ
Ch-4 P-11DQCh-4 P-12DQCh-4 P-13DQCh-4 P-14DQCh-4 P-15DQCh-4 P-16DQCh-4 P-17DQCh-4 P-18DQCh-4 P-19DQCh-4 P-20DQCh-4 P-21DQCh-4 P-22DQCh-4 P-1MCQCh-4 P-2MCQCh-4 P-3MCQCh-4 P-4MCQCh-4 P-5MCQCh-4 P-6MCQCh-4 P-7MCQCh-4 P-8MCQCh-4 P-9MCQCh-4 P-10MCQCh-4 P-11MCQCh-4 P-12MCQCh-4 P-13MCQCh-4 P-14MCQCh-4 P-15MCQCh-4 P-16CECh-4 P-17CECh-4 P-18CECh-4 P-19CECh-4 P-20CECh-4 P-21CECh-4 P-22CECh-4 P-23CECh-4 P-24CECh-4 P-25BECh-4 P-26BECh-4 P-27BECh-4 P-28BECh-4 P-29BECh-4 P-30BECh-4 P-31BECh-4 P-32BECh-4 P-33BECh-4 P-34BECh-4 P-35BECh-4 P-36BECh-4 P-37BECh-4 P-38BECh-4 P-39ECh-4 P-40ECh-4 P-41ECh-4 P-42ECh-4 P-43ECh-4 P-44ECh-4 P-45ECh-4 P-46ECh-4 P-47ECh-4 P-48ECh-4 P-49ECh-4 P-50ECh-4 P-51ECh-4 P-52ECh-4 P-53ECh-4 P-54ECh-4 P-55APSACh-4 P-56APSACh-4 P-57APSACh-4 P-58APSACh-4 P-59APSACh-4 P-60APSACh-4 P-61APSACh-4 P-55BPSBCh-4 P-56BPSBCh-4 P-57BPSBCh-4 P-58BPSBCh-4 P-59BPSBCh-4 P-60BPSBCh-4 P-61BPSBCh-4 P-62.1CCh-4 P-62.2CCh-4 P-62.3CCh-4 P-62.4CCh-4 P-63.1CCh-4 P-63.2CCh-4 P-64.1CCh-4 P-64.2CCh-4 P-65CCh-4 P-66.1CCh-4 P-66.2CCh-4 P-67.1CCh-4 P-67.2CCh-4 P-68.1CCh-4 P-68.2CCh-4 P-68.3CCh-4 P-68.4CCh-4 P-69.1CCh-4 P-69.2CCh-4 P-69.3CCh-4 P-69.4CCh-4 P-70.1CCh-4 P-70.2CCh-4 P-70.3CCh-4 P-70.4C

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