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OBJECTNE The items on the bank statement are correct. The debit memo is for the payment by the bank of The cash records of Donald Corporation provide the following informaLion: Problem 4-593 Bank Reconciliation Donald Corporaiion received the bank statement shown below for the month of October: Date Checks Deposits Balance 9130 Beg. balance 35 5.205 1012 $1,200 $2,950 6.955 1014 50 300 6.605 10.18 900 5.?05 10110 100 60 $35 5.510 1011 3 4,000 9 .5 10 10114 300* 9 .2 10 10.117 525 325 8.360 10119 105 430 20 2,850 10.655 10121 3,110 1.545 10123 65 1.480 10125 250” 110 1.120 10127 90 7.030 10131 25* “ 1.305 5.100 ‘NSF check “Debit mama (Rent Expense) &*#x201C;Sandrine charge Date Item Debit Credit Balance 1011 Balance from 9130 $ 6.905 1012 Check #1908 $ 300 6.605 1015 Check #1909 900 5.705 1016 Check #1910 100 5.605 1016 Check #1911 60 5.545 1011 Check #1912 35 5.510 10112 Deposit #411 $4.000 9.510 10115 Check #1913 525 8.985 10116 Check #1914 325 8.660 10111 Check #1915 430 8.230 10111 Check #1916 20 8.210 10118 Deposit#412 2.850 11,060 10118 Check #1911 105 10,955 10120 Check #1918 65 10,890 10120 Check #1919 3.110 T380 10123 Check #1920 110 7.670 10125 Check #1921 90 T580 10129 Check #1922 1.350 6.230 10130 Check #1923 250 5.980 10131 Check #1924 650 5.330 10131 Deposit #413 3.300 8.630 Donald’s office furniture rent expense for October. Required: 1. Prepare a bank reconciliation. (Him: 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 on 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 59BPSB
Textbook Problem

OBJECTNE

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

The cash records of Donald Corporation provide the following informaLion:

Problem 4-593 Bank Reconciliation

Donald Corporaiion received the bank statement shown below for the month of October:

Date Checks Deposits Balance

9130 Beg. balance 35 5.205

1012 $1,200 $2,950 6.955

1014 50 300 6.605

10.18 900 5.?05

10110 100 60 $35 5.510

1011 3 4,000 9 .5 10

10114 300* 9 .2 10

10.117 525 325 8.360

10119 105 430 20 2,850 10.655

10121 3,110 1.545

10123 65 1.480

10125 250” 110 1.120

10127 90 7.030

10131 25* “ 1.305 5.100

‘NSF check

“Debit mama (Rent Expense)

&*#x201C;Sandrine charge

Date Item Debit Credit Balance

1011 Balance from 9130 $ 6.905

1012 Check #1908 $ 300 6.605

1015 Check #1909 900 5.705

1016 Check #1910 100 5.605

1016 Check #1911 60 5.545

1011 Check #1912 35 5.510

10112 Deposit #411 $4.000 9.510

10115 Check #1913 525 8.985

10116 Check #1914 325 8.660

10111 Check #1915 430 8.230

10111 Check #1916 20 8.210

10118 Deposit#412 2.850 11,060

10118 Check #1911 105 10,955

10120 Check #1918 65 10,890

10120 Check #1919 3.110 T380

10123 Check #1920 110 7.670

10125 Check #1921 90 T580

10129 Check #1922 1.350 6.230

10130 Check #1923 250 5.980

10131 Check #1924 650 5.330

10131 Deposit #413 3.300 8.630

Donald’s office furniture rent expense for October.

Required:

1. Prepare a bank reconciliation. (Him: 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 on the balance sheet at October 31‘?

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Chapter 4 Solutions

Cornerstones of Financial Accounting
Show all chapter solutions
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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