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Horngren's Financial & Managerial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780133851267
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Question
Chapter 7, Problem 7.19E
Requirement 1
To determine
To prepare: Bank reconciliation of H Photography as at November 30, 2016.
Requirement 2:
To determine
The amount of cash with Mr. H as on November 30, 2015.
Requirement 3:
To determine
To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:
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Students have asked these similar questions
Prepare the bank reconciliation for april and the journal entries that should be made as a result of the bank reconciliation.Â
What should the cash account be after recording the journal entries?
On November 3, Micah Asuncion received from the bank her bank statement for the month of October. She compared her checkbook to the bank statement and discovered the following: Prepare a bank reconciliation.
CHECKBOOK             Balance        P333,203.50            Balance        P369,725.56
Deposits:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Deposits:
    10/3 P59,600.00                       10/3  P59,600.00 Â
    10/10 P53,740.00                      10/10   P53,700.00
    10/26 P27,610.00                      10/16  P46,030.00
    10/31 P30,260.00                      10/26  P27,610.00
Check Issued and Recorded:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Checks Cancelled:
No.3Â P14,435.00Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â No.5Â Â Â P38,206.00
No.5Â P38,026.00Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â No.16Â Â Â P17,300.00
No.16…
Which account is the main focus of a bank reconciliation? Why?
Explain the importance of monthly bank reconciliations.
Provide 2 examples in which a business must make journal entries during a bank reconciliation
Chapter 7 Solutions
Horngren's Financial & Managerial Accounting, Student Value Edition (5th Edition)
Ch. 7 - Prob. 1QCCh. 7 - Prob. 2QCCh. 7 - Prob. 3QCCh. 7 - Prob. 4QCCh. 7 - Prob. 5QCCh. 7 - Prob. 6QCCh. 7 - Prob. 7QCCh. 7 - Prob. 8QCCh. 7 - Prob. 9QCCh. 7 - Prob. 10QC
Ch. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - What are the five components of internal control?...Ch. 7 - Prob. 4RQCh. 7 - What is separation of duties?Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Prob. 8RQCh. 7 - How do businesses control cash receipts by mail?Ch. 7 - Prob. 10RQCh. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Defining internal control Internal controls are...Ch. 7 - Prob. 7.2SECh. 7 - Prob. 7.3SECh. 7 - Prob. 7.4SECh. 7 - Prob. 7.5SECh. 7 - Prob. 7.6SECh. 7 - Prob. 7.7SECh. 7 - Prob. 7.8SECh. 7 - Prob. 7.9SECh. 7 - Prob. 7.10SECh. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Evaluating internal control over cash payments...Ch. 7 - Understanding internal control, components,...Ch. 7 - Prob. 7.16ECh. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.21APCh. 7 - Prob. 7.22APCh. 7 - Prob. 7.23APCh. 7 - Prob. 7.24APCh. 7 - Prob. 7.25APCh. 7 - Prob. 7.26APCh. 7 - Prob. 7.27BPCh. 7 - Prob. 7.28BPCh. 7 - Prob. 7.29BPCh. 7 - Prob. 7.30BPCh. 7 - Prob. 7.31BPCh. 7 - Prob. 7.32BPCh. 7 - Prob. 7.33CPCh. 7 - Prob. 7.34PSCh. 7 - Prob. 7.2CTDCCh. 7 - Levon Helm was a kind of one-man mortgage broker....Ch. 7 - Prob. 7.1CTCA
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of December 2016 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.arrow_forwardWith the information below, discuss each item whether it is a book reconciling or a bank reconciling item. After the discussion, prepare the bank reconciliation statement. Item 1: The bank statement for August 2014 shows an ending balance of $3,490. Item 2: On August 31, the bank statement shows charges of $35 for the service charge for maintaining the checking account. Item 3: On August 28, the bank statement shows a return item of $100 plus a related bank fee of $10. The return item is a customer's check that was returned because of insufficient funds. Item 4: The bank statement shows a charge of $80 for check printing on August 20. Item 5: The bank statement shows that $8 was added to the checking account on August 31 for interest earned by the company during the month of August. Item 6: The bank statement shows that a note receivable of $1,000 was collected by the bank on August 29 and was deposited into the company's account. On the same day, the bank withdrew $40 from the…arrow_forward
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