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OBJECTIVEG Problem 4-5944 Bank Reconciliation Raymond Corporation received the following bank statement for the month of October: © Date | Checks | Deposits | Balance 9130 Beg. Balance 5 4,331.50 3110115110111 1012 31,204.50 32,910.13 0,591.13 1014 43.80 $ 321.70 6,231.68 1018 905.36 5,326.32 10110 100.20 60.00 $38.11 5,128.01 10113 4,000.00 9,128.01 10114 290.451 333150 10111 510.11 309.24 3,012.21 10119 100.39 431.15 21.12 2,350.03 10,303.53 10121 3.10342 1,195.10 Date | Checks | Deposits | Balance 10123 63.89 5 1131.21 10125 290.00” 1 1 1.90 15.129131' 10121 33.90 6.64041 10131 20.001" 1,303.11 5.31 1.10 ‘NSF check “Debit memo (Rant Expense) &*#x201C;Semen charge The cash records of Raymond Corporation provide the following information: Date term Debit Credit Balance 10.11 Balance from 9130 $ 6,553.38 101‘2 Cheek #1908 5 321.70 6,231.68 10.5 Check #1909 905.36 5326.32 10.16 Check #1910 [00.20 5,226.12 1016 Check #1911 60.00 5.166.12 1011' Check #1912 38.11 5,128.01 10112 Deposit #411 $4,000.00 9,128.01 10.115 Check #1913 516.11 84611.90 10.116 Check #1914 309.24 8,302.66 1011? Check # 915 431.15 1811.51 1031? Check #1916 21.72 1849.79 10118 Deposit #412 2,850.63 [0,100.42 10118 Check #191 06.39 [0.59-4.03 10.120 Check #1918 63.89 [0,530.14 10120 Check #1919 3,108.42 3,421.72 10123 Check #1920 11.90 1309.82 10.125 Cheek #1921 88.90 1,220.92 10.429 Check #1922 1803.7? 5.41115 10.130 Check #1923 284.71"! 54132.38 10.131 Cheek #1924 628.32 4.50-4.06 10.131 Deposit #413 3,408.20 2.912.215 The items on the bank statement are correct. The debit memo is for the payment by the bank of Raymond’s office furniture rent expense for October. Required: 1. Prepare a bank reconciliation 011111: There is one transposition error in the cash account.) 2. Prepare adjusting entries based on the bank reconciliation. 3. What amount is reported for cash in bank 111 the balance sheet at October 31‘?

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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 59APSA
Textbook Problem

OBJECTIVEG Problem 4-5944 Bank Reconciliation

Raymond Corporation received the following bank statement for the month of October:

© Date | Checks | Deposits | Balance

9130 Beg. Balance 5 4,331.50

3110115110111 1012 31,204.50 32,910.13 0,591.13

1014 43.80 $ 321.70 6,231.68

1018 905.36 5,326.32

10110 100.20 60.00 $38.11 5,128.01

10113 4,000.00 9,128.01

10114 290.451 333150

10111 510.11 309.24 3,012.21

10119 100.39 431.15 21.12 2,350.03 10,303.53

10121 3.10342 1,195.10

Date | Checks | Deposits | Balance

10123 63.89 5 1131.21

10125 290.00” 1 1 1.90 15.129131'

10121 33.90 6.64041

10131 20.001" 1,303.11 5.31 1.10

‘NSF check

“Debit memo (Rant Expense)

&*#x201C;Semen charge

The cash records of Raymond Corporation provide the following information:

Date term Debit Credit Balance

10.11 Balance from 9130 $ 6,553.38

101‘2 Cheek #1908 5 321.70 6,231.68

10.5 Check #1909 905.36 5326.32

10.16 Check #1910 [00.20 5,226.12

1016 Check #1911 60.00 5.166.12

1011' Check #1912 38.11 5,128.01

10112 Deposit #411 $4,000.00 9,128.01

10.115 Check #1913 516.11 84611.90

10.116 Check #1914 309.24 8,302.66

1011? Check # 915 431.15 1811.51

1031? Check #1916 21.72 1849.79

10118 Deposit #412 2,850.63 [0,100.42

10118 Check #191 06.39 [0.59-4.03

10.120 Check #1918 63.89 [0,530.14

10120 Check #1919 3,108.42 3,421.72

10123 Check #1920 11.90 1309.82

10.125 Cheek #1921 88.90 1,220.92

10.429 Check #1922 1803.7? 5.41115

10.130 Check #1923 284.71"! 54132.38

10.131 Cheek #1924 628.32 4.50-4.06

10.131 Deposit #413 3,408.20 2.912.215

The items on the bank statement are correct. The debit memo is for the payment by the bank of

Raymond’s office furniture rent expense for October.

Required:

1. Prepare a bank reconciliation 011111: There is one transposition error in the cash account.)

2. Prepare adjusting entries based on the bank reconciliation.

3. What amount is reported for cash in bank 111 the balance sheet at October 31‘?

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Chapter 4 Solutions

Cornerstones of Financial Accounting
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Ch. 4 - Why does a company give particular attention to...Ch. 4 - Why is it important to segregate the duties for...Ch. 4 - Describe two advantages of performing...Ch. 4 - Describe the potential sources of difference...Ch. 4 - What kinds of bank reconciliation items require...Ch. 4 - Describe how cash over and short can be used for...Ch. 4 - Why do most companies have petty cash funds?Ch. 4 - What are cash equivalents?Ch. 4 - Why do companies invest their cash in short-term...Ch. 4 - What is the operating cycle?Ch. 4 - Describe the basic cash management principles.Ch. 4 - Why do companies hold short-term investments?Ch. 4 - What is the primary role of internal controls in...Ch. 4 - Which of the following is not one of the three...Ch. 4 - Which of the following is not one of the five...Ch. 4 - Which of the following is not one of the five...Ch. 4 - The internal audit function is part of what...Ch. 4 - Which of the following is not generally an...Ch. 4 - Allowing only certain employees to order goods and...Ch. 4 - Deposits made by a company but not yet reflected...Ch. 4 - Which one of the following would not appear on a...Ch. 4 - Which one of the following is not a cash...Ch. 4 - The operating cycle is best described as the time...Ch. 4 - High level cash management strategies include bank...Ch. 4 - Effective cash management and control includes all...Ch. 4 - Cash management principles do not include earning...Ch. 4 - Which one of the following statements is true?...Ch. 4 - Cornerstone Exercise 4-16 Bank Reconciliation...Ch. 4 - Cornerstone Exercise 4-17 Bank Reconciliation The...Ch. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Cornerstone Exercise 4-19 Adjusting Entry from...Ch. 4 - Cornerstone Exercise 4-20 Bank Reconciliation Tiny...Ch. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Cornerstone Exercise 4-23 Petty Cash Fund Murphy...Ch. 4 - Cornerstone Exercise 4-24 Petty Cash with Change...Ch. 4 - Brief Exercise 4-25 Role of Internal Control...Ch. 4 - Brief Exercise 4-26 Components of Internal Control...Ch. 4 - Brief Exercise 4-27 Bank Reconciliation Hula Corp....Ch. 4 - Brief Exercise 4-28 Adjusting Entry from Bank...Ch. 4 - Brief Exercise 4-29 Adjusting Entry from Bank...Ch. 4 - Brief Exercise 4-30 Bank Reconciliation Garrison...Ch. 4 - Brief Exercise 4-31 Bank Reconciliation Zing Corp....Ch. 4 - Brief Exercise 4-32 Cash Over and Short At the end...Ch. 4 - Brief Exercise 4-33 Cash Over and Short Milner...Ch. 4 - Brief Exercise 4-34 Petty Cash Fund Kingery Inc....Ch. 4 - Brief Exercise 4-35 Petty Cash With Change in Fund...Ch. 4 - Brief Exercise 4-36 Cash Reporting Richter...Ch. 4 - Brief Exercise 4-37 Operating Cycle Businesses...Ch. 4 - Brief Exercise 4-38 Cash Management Effective cash...Ch. 4 - Exercise 4-39 Internal Control System Required: A...Ch. 4 - Exercise 4-40 Internal Control Terminology...Ch. 4 - Exercise 4-41 Classifying Internal Control...Ch. 4 - Hannah Thacher, a longtime employee of a local...Ch. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Exercise 4-44 Bank Reconciliation OBJECTIVE a...Ch. 4 - Exercise 4-45 Bank Reconciliation (Partial)...Ch. 4 - OBJECTIVE 9 Exercise 4-46 Bank Reconciliation...Ch. 4 - OBJECTIVE 0 Exercise 4-47 Bank Reconciliation @...Ch. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Exercise 4-49 Recording Petty Cash Account...Ch. 4 - Exercise 4-50 Cash Reporting OBJECTIVE a Brown...Ch. 4 - Exercise 4-51 Components of Cash The office...Ch. 4 - OBJECTIVE 9 Exercise 4-52 Operating Cycle Business...Ch. 4 - OBJ ECTWE 6 Exercise 4-53 Operating Cycle A list...Ch. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Problem 4-55A Role of Internal Control Internal...Ch. 4 - Problem 4-56A Internal Control Procedures for Cash...Ch. 4 - Problem 4-5?A Internal Control for Cash After...Ch. 4 - OBJECTIVE Problem 4-53.11 Bank Reconfirmation E...Ch. 4 - OBJECTIVEG Problem 4-5944 Bank Reconciliation...Ch. 4 - Problem #6016; 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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