24 MONTH MYLAB (MAN)
7th Edition
ISBN: 9780136503521
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 7, Problem 7.36CP
(1)
To determine
To prepare: The
Introduction: The statement through which the company reconciles its bank account balance with that of the financial statement balance is said to be the reconciliation statement.
(2)
To determine
To record: The
Introduction: The statement through which the company reconciles its bank account balance with that of the financial statement balance is said to be the reconciliation statement.
(3)
To determine
To prepare: The checking account.
Introduction: The statement through which the company reconciles its bank account balance with that of the financial statement balance is said to be the reconciliation statement.
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Using the following information, prepare a bank reconciliation for Kingbird Beauty Supply Company for May 31, 2025.
a.
b.
C.
d.
e.
f.
The bank statement balance is $8,280.
The cash account balance is $6,600.
Outstanding checks totaled $1,900.
Deposits in transit are $600.
The bank service charge is $20.
Collection of note by the bank, $400.
Kingbird Beauty Supply Company
Bank Reconciliation
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$
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Prepare the bank reconciliation for Wilderness Associates at October 31, 2024 using the imformation :
Lori Anders of Wilderness Associates is getting ready to prepare the October bank reconciliationThe cash balance on the books of Wilderness Associates on October 31 is $3,251.Lori reviews the bank statement, and notes the cash balance at October 31 of $2,150. The bank statement also reveals that the bank collected a note receivable on behalf of Wilderness Associates - the principal was $2,050 and the interest was $14. One customer's check for $45 was returned by the bank for insufficient funds. Two additional items on the bank statement were the monthly EFT for the utilities, $365, and the bank service fee of $40. Lori notes that the cash deposit made on October 31 of $3,850 does not appear on the statement, and that three checks totaling $1, 135 had not cleared the bank account when the bank statement was prepared.
the end product should like similar to the same format as the image…
This problem has 2 questions:
On February 28, 2020, Jem Company received its bank statement. The chief accountant was in the process of preparing its bank reconciliation for the month. The
following data were made available:
Cash balance, February 28, 2020
Note collected by the bank
Interest earned from the note above
NSF check from customer
Bank service charges on the NSF
Other bank service charges
Deposit of February 28 placed in the night depository
Outstanding checks
Check issued by Rem Company charged to Jem Company by the bank in error
2,190,000
150,000
15,000
195,000
3,000
4,500
127,500
438,000
30,000
What is the unadjusted balance per bank?
Chapter 7 Solutions
24 MONTH MYLAB (MAN)
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. 11QCCh. 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 - Prob. 18RQCh. 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. 7.11SECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Evaluating internal control over cash payments...Ch. 7 - Understanding internal control, components,...Ch. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.20ECh. 7 - Prob. 7.21ECh. 7 - Prob. 7.22ECh. 7 - Prob. 7.23ECh. 7 - Prob. 7.24APCh. 7 - Prob. 7.25APCh. 7 - Prob. 7.26APCh. 7 - Prob. 7.27APCh. 7 - Prob. 7.28APCh. 7 - Prob. 7.29APCh. 7 - Prob. 7.30BPCh. 7 - Prob. 7.31BPCh. 7 - Prob. 7.32BPCh. 7 - Prob. 7.33BPCh. 7 - Prob. 7.34BPCh. 7 - Prob. 7.35BPCh. 7 - Prob. 7.36CPCh. 7 - Prob. 7.37PSCh. 7 - Prob. 7.2CTDCCh. 7 - Prob. 7.1CTFCCh. 7 - Prob. 7.1CTCA
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