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

Question

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Answer 1

Question

Chapter 5, Problem 5.23E

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

Answer to Problem 5.23E

The bank reconciliation statement is as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer to Problem 5.23E

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 Side		Book Side
Balance as per Bank statement	17325	Balance 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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Answer 2

Question

Chapter 5, Problem 5.23E

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

Answer to Problem 5.23E

The bank reconciliation statement is as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer to Problem 5.23E

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 Side		Book Side
Balance as per Bank statement	17325	Balance 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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Answer 3

Question

Chapter 5, Problem 5.23E

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

Answer to Problem 5.23E

The bank reconciliation statement is as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer to Problem 5.23E

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 Side		Book Side
Balance as per Bank statement	17325	Balance 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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Answer 4

Question

Chapter 5, Problem 5.23E

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

Answer to Problem 5.23E

The bank reconciliation statement is as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer to Problem 5.23E

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 Side		Book Side
Balance as per Bank statement	17325	Balance 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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Answer 5

Chapter 5, Problem 5.23E

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

Answer to Problem 5.23E

The bank reconciliation statement is as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer to Problem 5.23E

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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer 6

Chapter 5, Problem 5.23E

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

Answer to Problem 5.23E

The bank reconciliation statement is as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer 7

Chapter 5, Problem 5.23E

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

Answer 8

Expert Solution

Answer to Problem 5.23E

The bank reconciliation statement is as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

The bank reconciliation statement is prepared as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer 13

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

Answer to Problem 5.23E

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 Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer 14

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

Answer 15

Expert Solution

Answer to Problem 5.23E

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

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The bank reconciliation statement is prepared as follows:

Bank Reconciliation Statement
As of August. 30 20Y9

Bank Side		Book Side
Balance as per Bank statement	17325	Balance 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

Answer 20

Ch. 5 - Prob. 1SEQ Ch. 5 - Prob. 2SEQ Ch. 5 - Prob. 3SEQ Ch. 5 - Adjustments to the company’s records based on the...Ch. 5 - Prob. 5SEQ Ch. 5 - Prob. 1CDQ Ch. 5 - Prob. 2CDQ Ch. 5 - Prob. 3CDQ Ch. 5 - Prob. 4CDQ Ch. 5 - Prob. 5CDQ

Answer to Problem 5.23E

Explanation of Solution

Answer to Problem 5.23E

Explanation of Solution

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