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Cornerstones of Financial Accounti...
Problem 4-603 Bank Reconciliation OBJECTIVE o
The cash account of Mason Prodmsts reveals the following information:
Balance, N30 l0.100
Deposits during May 39.600 40.000 Checks written during May SHD‘I' "E HOW
The bank statement for Ma).r contains the following information:
Bank balance, 480 $ 9,750
Add: Deposits during May 37,400
$ 47,150
Less: Checks paid during May $(38,500)
NSF check from Higgins Inc. (140)
Bank service charges (60) (38,700)
Bank balance, SE31 3 8,450
A comparison of detailed company records with the bank statement indicates the following information:
At #30 Al 5131
Deposit in transit $900 $3, [00
Outstanding checks 550 2,050
The bank amounts are determined to be correct.
Required:
1. Prepare a bank reconciljaLion for May.
2. Prepare the adjusting entries made by Mason Products as a result of the reconciliation process.
3. What amount is reported for cash on the balance sheet at Mar, 3l?
Concept Introduction:
Bank Reconciliation:
Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side.
Requirement-1:
To Prepare:
The Bank reconciliation Statement.
The Bank reconciliation Statement is explained as follows:
Concept Introduction:
Bank Reconciliation:
Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side.
Requirement-2:
To Prepare:
The necessary adjusting entries.
Concept Introduction:
Bank Reconciliation:
Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side.
Requirement-3:
To Indicate:
The amount of cash to be reported on balance sheet.
Chapter 4 Solutions
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