(a) Explanation 1. The heading should be entered as “June 30” and must not be entered as “For the Month Ended June 30”. 2. Checks outstanding is deducted from the bank balance. 3. Errors in recording the deposit of $7,150 made on June 17 are $1,750 and thus, amount is added to the balance as per company’s records... (b) To determine Prepare new bank reconciliation for Company P.

26th Edition

ISBN: 9781285743615

Author: Carl Warren, James M. Reeve, Jonathan Duchac

Publisher: Cengage Learning

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Chapter 8, Problem 8.22EX

(a)

To determine

Identify the errors in the bank reconciliation.

(b)

To determine

Prepare new bank reconciliation for Company P.

Expert Solution & Answer

Chapter 8 Solutions

Accounting (Text Only)

Ch. 8 - Prob. 1DQ Ch. 8 - Why should the employee who handles cash receipts...Ch. 8 - Prob. 3DQ Ch. 8 - Why should the responsibility for maintaining the...Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - The balance of Cash is likely to differ from the...Ch. 8 - Prob. 8DQ Ch. 8 - Prob. 9DQ Ch. 8 - (a) How are cash equivalents reported in the...

Ch. 8 - Internal control elements Identify each of the...Ch. 8 - Prob. 8.1APE Ch. 8 - Prob. 8.2BPE Ch. 8 - Prob. 8.2APE Ch. 8 - Prob. 8.3APE Ch. 8 - Prob. 8.3BPE Ch. 8 - Prob. 8.4APE Ch. 8 - Prob. 8.4BPE Ch. 8 - Prob. 8.5APE Ch. 8 - Prob. 8.5BPE Ch. 8 - Sarbanes-Oxley internal control report Using...Ch. 8 - Prob. 8.2EX Ch. 8 - Prob. 8.3EX Ch. 8 - Prob. 8.4EX Ch. 8 - Prob. 8.5EX Ch. 8 - Prob. 8.6EX Ch. 8 - Prob. 8.7EX Ch. 8 - Prob. 8.8EX Ch. 8 - Prob. 8.9EX Ch. 8 - Prob. 8.10EX Ch. 8 - Prob. 8.11EX Ch. 8 - Prob. 8.12EX Ch. 8 - Prob. 8.13EX Ch. 8 - Internal control of cash payments Abbe Co. is a...Ch. 8 - Prob. 8.15EX Ch. 8 - Prob. 8.16EX Ch. 8 - Prob. 8.17EX Ch. 8 - Prob. 8.18EX Ch. 8 - Prob. 8.19EX Ch. 8 - Prob. 8.20EX Ch. 8 - Prob. 8.21EX Ch. 8 - Prob. 8.22EX Ch. 8 - Prob. 8.23EX Ch. 8 - Prob. 8.24EX Ch. 8 - Prob. 8.25EX Ch. 8 - Cash to monthly cash expenses ratio El Dorado Inc....Ch. 8 - Prob. 8.27EX Ch. 8 - Prob. 8.28EX Ch. 8 - Prob. 8.1APR Ch. 8 - Prob. 8.2APR Ch. 8 - Prob. 8.3APR Ch. 8 - Prob. 8.4APR Ch. 8 - Prob. 8.5APR Ch. 8 - Prob. 8.1BPR Ch. 8 - Prob. 8.2BPR Ch. 8 - Prob. 8.3BPR Ch. 8 - Prob. 8.4BPR Ch. 8 - Prob. 8.5BPR Ch. 8 - Ethics in Action During the preparation of the...Ch. 8 - Prob. 8.2CP Ch. 8 - Prob. 8.3CP Ch. 8 - Prob. 8.4CP Ch. 8 - Prob. 8.5CP Ch. 8 - Prob. 8.7CP

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Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.

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