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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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(Appendix 6.1) Kingston Company’s bank reconciliation for the month of November 2019 follows:

Chapter 6, Problem 11MC, (Appendix 6.1) Kingston Companys bank reconciliation for the month of November 2019 follows: Data , example  1

Data for the month of December 2019 follow:

Chapter 6, Problem 11MC, (Appendix 6.1) Kingston Companys bank reconciliation for the month of November 2019 follows: Data , example  2

All items that were outstanding as of November 30 cleared through the bank in December, including the bank credit. In addition, $2,500 in checks were outstanding as of December 31, 2019. What is the balance of cash per books at December 31, 2019?

  1. a. $19,220
  2. b. $19,240
  3. c. $21,720
  4. d. $24,220

To determine

Identify the balance of cash per books at December 31, 2019.

Explanation

Bank reconciliation:

Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

Identify the balance of cash per books at December 31, 2019.

Balance of cash per books = Balance as on D

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