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Items on company's bank statement The following item may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge Using the following format, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Appears on the Bank Statement as Increases or Decreases the a Debit or Credit Balance of the Company's Item No. Memo Bank Account

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Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

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Chapter
Section
BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 7, Problem 7.2APE
Textbook Problem
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Items on company's bank statement

The following item may appear on a bank statement:

  1. 1. Bank correction of an error from recording a $6,200 deposit as $2,600
  2. 2. EFT payment
  3. 3. Note collected for company
  4. 4. Service charge

Using the following format, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account:

  Appears on the
Bank Statement as Increases or Decreases the
  a Debit or Credit Balance of the Company's
Item No. Memo Bank Account

To determine

Bank Reconciliation Statement: 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.

To determine:  Whether items appear as debit/credit memo on the bank statement and whether items increase/decrease the balance of the company’s account.

Explanation of Solution

In the bank records, company’s account has a credit balance. The following are items that shows increase in the company’s account.

  • Bank correction of an error
  • EFT Payment
  • Note collected for a company

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Chapter 7 Solutions

Financial & Managerial Accounting
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Ch. 7 - Internal control element Identify each of the...Ch. 7 - Internal control elements Identify each of the...Ch. 7 - Items on company's bank statement The following...Ch. 7 - Items on companys bank statement The following...Ch. 7 - Bank reconciliation The following data were...Ch. 7 - Bank reconciliation The following data were...Ch. 7 - Petty cash fund Prepare journal entries for each...Ch. 7 - Petty cash fund Prepare journal entries for each...Ch. 7 - Ratio of cash to monthly cash expenses Financial...Ch. 7 - Ratio of cash to monthly cash expenses Financial...Ch. 7 - Sarbanes-Oxley internal control report Using...Ch. 7 - Internal Controls Faith Cassen has recently been...Ch. 7 - Internal Controls Ramonas Clothing is a retail...Ch. 7 - Internal Controls for bank lending Pacific Bank...Ch. 7 - Internal Controls One of the largest losses in...Ch. 7 - Internal controls An employee of JHT Holdings,...Ch. 7 - Internal controls All-Around Sound Co. discovered...Ch. 7 - Financial statement fraud A former chairman, CFO,...Ch. 7 - Internal control of cash receipts The procedures...Ch. 7 - Internal control of cash receipts Sergio Flores...Ch. 7 - Internal control of cash receipts The mailroom...Ch. 7 - Entry for cash sales; cash short The actual cash...Ch. 7 - Entry for cash sales; cash over The actual cash...Ch. 7 - Internal control of cash payments Abbe Co. is a...Ch. 7 - Internal control of cash payments Paragon Tech...Ch. 7 - Bank reconciliation Identify each of the following...Ch. 7 - Entries based on bank reconciliation Which of the...Ch. 7 - Bank reconciliation The following data were...Ch. 7 - Entries for bank reconciliation Using the data...Ch. 7 - Entries for note collected by bank Accompanying a...Ch. 7 - Bank reconciliation An accounting clerk for...Ch. 7 - Bank reconciliation Identify the errors in the...Ch. 7 - Using bank reconciliation to determine cash...Ch. 7 - Petty cash fund entries Journalize the entries to...Ch. 7 - Variation in cash flows Mattel, Inc., designs,...Ch. 7 - Cash to monthly cash expenses ratio During 2016,...Ch. 7 - Cash to monthly cash expenses ratio Capstone...Ch. 7 - Cash to monthly cash expenses ratio Amicus...Ch. 7 - Evaluating internal control of cash T he following...Ch. 7 - Transactions for petty each, cash short and over...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries Beeler Furniture...Ch. 7 - Evaluating internal control of cash The following...Ch. 7 - Transactions for petty cash, cash short and over...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries Sunshine Interiors...Ch. 7 - Ethics and professional conduct in business During...Ch. 7 - Internal controls The following is an excerpt from...Ch. 7 - Internal controls The following is an excerpt from...Ch. 7 - Ethics and professional conduct in business Doris...Ch. 7 - Bank reconciliation and internal control The...Ch. 7 - Cash to monthly cash expenses ratio TearLab Corp....

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