Pearson eText for Financial Accounting -- Instant Access (Pearson+)
5th Edition
ISBN: 9780137525423
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON+
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Chapter 7, Problem 20AE
1.
To determine
Prepare the bank reconciliation.
2.
To determine
Prepare the
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ion II
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Egrane, Inc.s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period
showed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges
of $24 and the EFT from a customer in payment of the customer's account of $1,200.
What journal entry should be recorded by Egrane for the EFT?
=32
Multiple Choice
Debit Cash and credit Sales Revenue for $1,200.
No journal entry is necessary for this item.
Debit Accounts Receivable and credit Cash for $1,200.
Debit Cash and credit Accounts Receivable for $1,20.
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kes Learning | Home
mination II
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Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $8,250.
The bank reconciliation for the month contained the following items:
15
Deposits in transit
Outstanding checks
$870
645
56
Interest earned
20
ints
NSF check returned to bank
Bank service charge
220
70
A 01:39:45
Given the above information, what up-to-date ending cash balance should Rollin report at month-end?
Multiple Choice
$7,980.
$8,530.
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4. Describe the nature of a bank reconciliation statement.
5. Identify common reconciling items and describe each of them.
6. Analyze the effects of the identified reconciling items.
Reference: Quarter 1 Module 9 - Fundamentals of Accountancy, Business and Management 2
LEARNING ACTIVITY 9:1
Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank
Statement of Banco de Oro.
Cash Receipts Journal
O.R. Number
0001
0002
Amount
Date
Payor
P 30,000
June 3
Odessa Allera
20,000
5,000
10,000
20
Arnold Navales
0003
Juanita Nambatac
29
30
0004
Kyle Jamora
Cash Disbursements Journal
Check Number
6581
.6582
6583
6584
Amount
Date
Рayee
Star 5 Grocery
DX Convenience Store
MY Store
Eddie Gomez
P 5,000
7,000
10,000
June 5
15
21
8,000
9,000
25
28
Rodolfo de la Torre
6585
Banco de Oro
Bank Statement
For the month of June, 20A
Date
Withdrawal
Deposit
P 30,000
Balance
June 4
P 30,000
25,000
45,000
15
6581
P 5,000
21
20,000
25
6584
8,000
37,000
28
6585
9,000…
Chapter 7 Solutions
Pearson eText for Financial Accounting -- Instant Access (Pearson+)
Ch. 7.A - Prob. 1SECh. 7.A - Prob. 2SECh. 7.A - Prob. 3AECh. 7.A - Prob. 4AECh. 7.A - Prob. 5BECh. 7.A - Prob. 6BECh. 7.A - Prob. 7APCh. 7.A - Prob. 8BPCh. 7 - Which duties should be segregated in the...Ch. 7 - Prob. 2DQ
Ch. 7 - Prob. 3DQCh. 7 - Why does the allowance method of accounting for...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - How would the net realizable value of Accounts...Ch. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 1SCCh. 7 - Prob. 2SCCh. 7 - Prob. 3SCCh. 7 - Prob. 4SCCh. 7 - Prob. 5SCCh. 7 - Prob. 6SCCh. 7 - Prob. 7SCCh. 7 - Prob. 8SCCh. 7 - Prob. 9SCCh. 7 - Prob. 10SCCh. 7 - Prob. 11SCCh. 7 - Prob. 12SCCh. 7 - Prob. 1SECh. 7 - Prob. 2SECh. 7 - Prob. 3SECh. 7 - Prob. 4SECh. 7 - Prob. 5SECh. 7 - Prob. 6SECh. 7 - Prob. 7SECh. 7 - Prob. 8SECh. 7 - Prob. 9SECh. 7 - Prob. 10SECh. 7 - Prob. 11SECh. 7 - Prob. 12SECh. 7 - Prob. 13SECh. 7 - Prob. 14SECh. 7 - Prob. 15SECh. 7 - Quick ratio (Learning Objective 7) 510 min....Ch. 7 - Prob. 17SECh. 7 - Prob. 18AECh. 7 - Prob. 19AECh. 7 - Prob. 20AECh. 7 - Prob. 21AECh. 7 - Prob. 22AECh. 7 - Prob. 23AECh. 7 - Prob. 24AECh. 7 - Prob. 25AECh. 7 - Prob. 26AECh. 7 - Prob. 27AECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 29AECh. 7 - Prob. 30BECh. 7 - Prob. 31BECh. 7 - Prob. 32BECh. 7 - Prob. 33BECh. 7 - Prob. 34BECh. 7 - Aging of accounts receivable allowance method...Ch. 7 - Prob. 36BECh. 7 - Prob. 37BECh. 7 - Prob. 38BECh. 7 - Prob. 39BECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 41BECh. 7 - Prob. 42APCh. 7 - Prob. 43APCh. 7 - Prob. 44APCh. 7 - Prob. 45APCh. 7 - Prob. 46APCh. 7 - Accounting for notes receivable (Learning...Ch. 7 - Prob. 48APCh. 7 - Prob. 49BPCh. 7 - Prob. 50BPCh. 7 - Prob. 51BPCh. 7 - Prob. 52BPCh. 7 - Prob. 53BPCh. 7 - Prob. 54BPCh. 7 - Prob. 55BPCh. 7 - Continuing Exercise In this exercise, we continue...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1CFSAPCh. 7 - Prob. 1EIACh. 7 - Prob. 2EIACh. 7 - Financial Analysis Purpose: To help familiarize...Ch. 7 - Industry Analysis Purpose: To help you understand...Ch. 7 - Prob. 1SBACh. 7 - Prob. 1WC
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