Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Concept explainers

Question
Chapter 5, Problem 5.21E
To determine

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-1To Prepare:

The bank reconciliation statement

Expert Solution
Check Mark

Answer to Problem 5.21E

The bank reconciliation statement is as follows:

    Bank Reconciliation Statement
    As of August. 30 20Y9
    Bank SideBook Side
    Balance as per Bank statement 17325Balance as per Cash Book 6,800
    Add: Add:
    Deposit in transit 2,175 Note collected 7,500
    Interest on note 600
    Check Error 450 8,550
    Less: Less:
    Outstanding Checks (4,190)Bank Service Charges (40)
    Reconciled Balance 15,310 Reconciled Balance 15,310

Explanation of Solution

The bank reconciliation statement is prepared as follows:

    Bank Reconciliation Statement
    As of August. 30 20Y9
    Bank SideBook Side
    Balance as per Bank statement 17325Balance as per Cash Book 6,800
    Add: Add:
    Deposit in transit 2,175 Note collected 7,500
    Interest on note 600
    Check Error 450 8,550
    Less: Less:
    Outstanding Checks (4,190)Bank Service Charges (40)
    Reconciled Balance 15,310 Reconciled Balance 15,310
To determine

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 Indicate:

The cash balance to be reported in the balance sheet

Expert Solution
Check Mark

Answer to Problem 5.21E

The cash balance to be reported in the balance sheet is $15,310

Explanation of Solution

The bank reconciliation statement is prepared as follows:

    Bank Reconciliation Statement
    As of August. 30 20Y9
    Bank SideBook Side
    Balance as per Bank statement 17325Balance as per Cash Book 6,800
    Add: Add:
    Deposit in transit 2,175 Note collected 7,500
    Interest on note 600
    Check Error 450 8,550
    Less: Less:
    Outstanding Checks (4,190)Bank Service Charges (40)
    Reconciled Balance 15,310 Reconciled Balance 15,310

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Chapter 5 Solutions

Survey of Accounting (Accounting I)

Ch. 5 - Prob. 6CDQCh. 5 - Prob. 7CDQCh. 5 - Prob. 8CDQCh. 5 - Prob. 9CDQCh. 5 - Assume that Leslie Hunter, accounts payable clerk...Ch. 5 - Prob. 11CDQCh. 5 - The accounting clerk pays all obligations by...Ch. 5 - Prob. 13CDQCh. 5 - Prob. 14CDQCh. 5 - Do items reported as a credit memorandum on the...Ch. 5 - Prob. 16CDQCh. 5 - Prob. 17CDQCh. 5 - Prob. 5.1ECh. 5 - Prob. 5.2ECh. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - Prob. 5.6ECh. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.11ECh. 5 - Prob. 5.12ECh. 5 - Prob. 5.13ECh. 5 - Prob. 5.14ECh. 5 - Prob. 5.15ECh. 5 - Prob. 5.16ECh. 5 - Prob. 5.17ECh. 5 - Prob. 5.18ECh. 5 - Prob. 5.19ECh. 5 - Entries for note collected by bank Accompanying a...Ch. 5 - Prob. 5.21ECh. 5 - Prob. 5.22ECh. 5 - Prob. 5.23ECh. 5 - Prob. 5.24ECh. 5 - Prob. 5.25ECh. 5 - Prob. 5.1PCh. 5 - Prob. 5.2.1PCh. 5 - Prob. 5.2.2PCh. 5 - Prob. 5.3.1PCh. 5 - Prob. 5.3.2PCh. 5 - Prob. 5.4.1PCh. 5 - Prob. 5.4.2PCh. 5 - Prob. 5.4.3PCh. 5 - Prob. 5.4.4PCh. 5 - Prob. 5.1.1MBACh. 5 - Prob. 5.1.2MBACh. 5 - Prob. 5.1.3MBACh. 5 - Prob. 5.1.4MBACh. 5 - Ratio of cash to monthly cash expenses AcelRx...Ch. 5 - Prob. 5.2.1MBACh. 5 - Prob. 5.2.2MBACh. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Prob. 5.2.5MBACh. 5 - Prob. 5.3.1MBACh. 5 - Prob. 5.3.2MBACh. 5 - Prob. 5.3.3MBACh. 5 - Prob. 5.3.4MBACh. 5 - Prob. 5.3.5MBACh. 5 - Prob. 5.4.1MBACh. 5 - Prob. 5.4.2MBACh. 5 - Prob. 5.1CCh. 5 - Prob. 5.2CCh. 5 - Prob. 5.3CCh. 5 - Prob. 5.4CCh. 5 - Prob. 5.5.1CCh. 5 - Prob. 5.5.2CCh. 5 - Prob. 5.5.3CCh. 5 - Prob. 5.6C
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