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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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Bank Reconciliation (Appendix 6.1) Daisy Company received a bank statement for February, as follows:

From: Central Bank, Denver, CO 80222

To: Daisy Company, 1313 Williams St., Denver, CO 80218

Chapter 6, Problem 18P, Bank Reconciliation (Appendix 6.1) Daisy Company received a bank statement for February, as follows: , example  1

The receipt of $460 on February 14 was for a $445 note collected by the bank, plus $20 current interest, minus a $5 service charge. The company’s accounting records contained the following information:

Cash balance on February 28 from the books: $2,610.42

Chapter 6, Problem 18P, Bank Reconciliation (Appendix 6.1) Daisy Company received a bank statement for February, as follows: , example  2

Required:

  1. 1. Prepare a bank reconciliation on February 28, 2019, for Daisy.
  2. 2. Prepare the journal entries that Daisy should record as a result of the reconciliation.

1.

To determine

Prepare bank reconciliation statement for the Company D for the month ended February 28, 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.

Prepare bank reconciliation as of February 28, 2019.

Company D
Bank Reconciliation
February 28, 2019
ParticularsAmount in $Amount in $
Balance per bank statement, February 28 6,344.38
 Less: Outstanding checks  
            No. 158589.02 
             No...

2.

To determine

Prepare journal entry to record the given transaction in the bank statement.

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