Bank Reconciliation Statement : The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017 .

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Answer 1

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

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Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.3. What is the amount of cash that should be reported on the February 28 balance sheet?

1. Complete the bank reconcililation at Dec. 31,2019 2. Prepare the adjusting journal entries required to make cas in bank account in general ledger agree with adjusted cash balance on Dec.31 bank reconciliation. Include descriptions

6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694

Answer 2

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

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Answer 3

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Answer 6

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017.

Answer 7

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank 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 prepare: Bank reconciliation of Company D as at March 31, 2017.

Answer 8

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

Answer 9

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

Answer 10

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Answer 11

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 7 - Prob. 1QC Ch. 7 - Prob. 2QC Ch. 7 - Prob. 3QC Ch. 7 - Prob. 4QC Ch. 7 - Prob. 5QC Ch. 7 - Prob. 6QC Ch. 7 - Prob. 7QC Ch. 7 - Prob. 8QC Ch. 7 - Prob. 9QC Ch. 7 - Prob. 10QC

Solution Summary: The author explains that the company maintains its own records from its perspective and they are different from bank perspective.

Concept explainers

To journalize: Entries from the bank reconciliation.

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

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Chapter 7 Solutions