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Business Accounting COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS

Prepare bank reconciliation statement .

Prepare bank reconciliation statement .

Solution Summary: The author defines bank reconciliation statement as the abstract of activities that reconcile the financial records with the bank account of the entity.

COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS

COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS

16th Edition

ISBN: 9781264624256

Author: Haddock

Publisher: MCG

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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 9, Problem 6PB

1.

To determine

Prepare bank reconciliation statement.

2.

To determine

Prepare necessary journal entries with the help of BRS.

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Chapter 9, Problem 5PB

Chapter 9, Problem 1CTP

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Prepare a reconciliation of the bank and book balances to the correct cash balance and provide the journal entries to adjust and correct Yingying's books. Yingying Company's books show a cash balance at the Ojibway National Bank on November 30, 2020, of $20,502. The bank statement covering the month of November shows an ending balance of $22,190. An examination of Yingying's accounting records and the November bank statement identified the following reconciling items. 1. A deposit of $3,680 was taken to the bank late on November 30 but does not appear on the November bank statement. 2. Cheques written in November but not charged to (deducted from) the November bank statement are: Cheque #7327 = $150 #7348 = 4,820 #7349 = 31 3. Yingyinghas not yet recorded the $600 of interest collected by the bank on November 20 on Sequoia Co. bonds held by the bank for Yingying. 4. Bank service charges of $18 are not yet recorded on Yingying s books. 5. A $220 cheque for Yingying from a…

Chapter 9 Solutions

COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS

Ch. 9 - Prob. 1.1SRQ Ch. 9 - What is a promissory note? In what situation would...Ch. 9 - How would the receipt of a 62 refund for supplies...Ch. 9 - Prob. 1.4SRE Ch. 9 - Prob. 1.5SRE Ch. 9 - Prob. 1.6SRA Ch. 9 - Prob. 2.1SRQ Ch. 9 - Prob. 2.2SRQ Ch. 9 - Prob. 2.3SRQ Ch. 9 - Prob. 2.4SRE

Ch. 9 - Prob. 2.5SRE Ch. 9 - Prob. 2.6SRA Ch. 9 - Prob. 3.1SRQ Ch. 9 - Prob. 3.2SRQ Ch. 9 - Prob. 3.3SRQ Ch. 9 - Prob. 3.4SRE Ch. 9 - Prob. 3.5SRE Ch. 9 - Prob. 3.6SRA Ch. 9 - Prob. 1CSR Ch. 9 - Prob. 2CSR Ch. 9 - Prob. 3CSR Ch. 9 - Prob. 4CSR Ch. 9 - Prob. 5CSR Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - Prob. 3DQ Ch. 9 - Prob. 4DQ Ch. 9 - Prob. 5DQ Ch. 9 - Prob. 6DQ Ch. 9 - Prob. 7DQ Ch. 9 - Prob. 8DQ Ch. 9 - Prob. 9DQ Ch. 9 - Prob. 10DQ Ch. 9 - Prob. 11DQ Ch. 9 - Prob. 12DQ Ch. 9 - Prob. 13DQ Ch. 9 - Prob. 14DQ Ch. 9 - Prob. 15DQ Ch. 9 - Prob. 16DQ Ch. 9 - Prob. 17DQ Ch. 9 - Prob. 18DQ Ch. 9 - Prob. 1E Ch. 9 - Prob. 2E Ch. 9 - Prob. 3E Ch. 9 - Prob. 4E Ch. 9 - Prob. 5E Ch. 9 - Prob. 6E Ch. 9 - Prob. 7E Ch. 9 - Prob. 8E Ch. 9 - Journalizing cash receipts, cash short or over,...Ch. 9 - Prob. 2PA Ch. 9 - Prob. 3PA Ch. 9 - Prob. 4PA Ch. 9 - Prob. 5PA Ch. 9 - Prob. 6PA Ch. 9 - Prob. 1PB Ch. 9 - Prob. 2PB Ch. 9 - Prob. 3PB Ch. 9 - Prob. 4PB Ch. 9 - Prob. 5PB Ch. 9 - Prob. 6PB Ch. 9 - Prob. 1CTP Ch. 9 - Prob. 2CTP Ch. 9 - Prob. 1MF Ch. 9 - Prob. 2MF Ch. 9 - Prob. 3MF Ch. 9 - Prob. 4MF Ch. 9 - Prob. 5MF Ch. 9 - Prob. 6MF Ch. 9 - Prob. 7MF Ch. 9 - Prob. 8MF Ch. 9 - Borrowing from Petty Cash Daniel Brown is in...Ch. 9 - Prob. 1FSA

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Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.

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