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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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Adjusting an Unknown Cash Ralance (Appendix 6.1) The information that follows is available from the general ledger and the bank statement of Gentry Corporation for the month of August, 2019:

Chapter 6, Problem 21E, Adjusting an Unknown Cash Ralance (Appendix 6.1) The information that follows is available from the

Required:

  1. 1. Next Level Starting with the bank statement balance, prepare a schedule to determine Gentry’s cash balance on August 31, prior to any required adjustments.
  2. 2. Prepare a bank reconciliation to determine Gentry’s adjusted cash balance on August 31, 2019.
  3. 3. Prepare the journal entries necessary to bring Gentry’s cash account balance up to date.

1.

To determine

Prepare a schedule to ascertain the cash balance of corporation G on August 3, before any required adjustment.

Explanation

Bank reconciliation statement:

Bank reconciliation statement is a report that summarizes the banking and business  activity by reconciling the company’s bank accounts with its financial records. And it compares the bank balance shown in the company’s bank statement with the balance stated in the bank statement.

Schedule to ascertain the cash balance of corporation G is prepared as follows:

ParticularsAmountAmount
Balance from bank statement $1,342.50
Add: Deposit in transit$329...

2.

To determine

Prepare a bank reconciliation to ascertain the cash balance of Corporation G, as on August 31, 2019.

3.

To determine

Journalize entries to make the cash account balance of Corporation G up to date.

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