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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

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BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 7, Problem 5SEB
Textbook Problem
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PREPARE JOURNAL ENTRIES FOR BANK RECONCILIATION Based on the following bank reconciliation, prepare the journal entries:

Chapter 7, Problem 5SEB, PREPARE JOURNAL ENTRIES FOR BANK RECONCILIATION Based on the following bank reconciliation, prepare

To determine

Prepare journal entries to record bank reconciliation.

Explanation of Solution

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. 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 journal entries to record error on check No. 191.

DateAccount titles and ExplanationDebitCredit
July 31Cash$10 
      Accounts payable $10
 (To record Error on Check No. 191)  

Table (1)

  • • Cash is an asset and it is increased. Therefore, debit cash account by $10.
  • • Accounts payable is a liability and it is increased. Therefore, credit accounts payable account by $10.

Prepare journal entries to record NSF check...

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Chapter 7 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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