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A edugen.wileyplus.com/edugen/Iti/main.uni PLUS S Kieso, Intermediate Accounting, 17e Help I System Announcements OURCES Exercise 7-25 (Part Level Submission) 05 Buffalo Company has just received the August 31, 2020, bank statement, which is summarized below. Part on. Part on) County National Bank Disbursements Receipts Balance Balance, August 1 Deposits during August Note collected for depositor, including $57 interest Checks cleared during August Bank service charges Balance, August 31 $13,445 $46,207 1,492 59,652 61,144 $49,508 11,636 (Part ion) (Part sion) (Part sion) 29 11,607 11,607 The general ledger Cash account contained the following entries for the month of August. Cash 14,422 Disbursements in August 50,103 Balance, August 1 Receipts during August s by Study 50,225 Deposits in transit at August 31 are $5,453, and checks outstanding at August 31 total $1,507. Cash on hand at August 31 is $445. The boo the books at $146 which was written for $155 for supplies (expense); it cleared the bank during the month of August. (a) Your answer is correct. Prepare a bank reconciliation dated August 31, 2020, proceeding to a correct balance. BUFFALO COMPANY Bank Reconciliation, August 31, 2020 County National Bank 11607 ment. August 31, 202 T + IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VER (b) Prepare any entries necessary to make the books correct and complete. (If no entry is required, select "No Entry" for the account titles and enter 0 for th account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31, 2020 (To record collection of note and interest) Aug. 31, 2020 (To record August bank charges) dy Aug. 31, 2020 (To record error in recording check for supplies) SHOW LIST OF ACCOUNTS LINK TO TEXT SAVE FOR LATER SUBHIT Attempts: 0 of 5 used ere to search

A edugen.wileyplus.com/edugen/Iti/main.uni PLUS S Kieso, Intermediate Accounting, 17e Help I System Announcements OURCES Exercise 7-25 (Part Level Submission) 05 Buffalo Company has just received the August 31, 2020, bank statement, which is summarized below. Part on. Part on) County National Bank Disbursements Receipts Balance Balance, August 1 Deposits during August Note collected for depositor, including $57 interest Checks cleared during August Bank service charges Balance, August 31 $13,445 $46,207 1,492 59,652 61,144 $49,508 11,636 (Part ion) (Part sion) (Part sion) 29 11,607 11,607 The general ledger Cash account contained the following entries for the month of August. Cash 14,422 Disbursements in August 50,103 Balance, August 1 Receipts during August s by Study 50,225 Deposits in transit at August 31 are $5,453, and checks outstanding at August 31 total $1,507. Cash on hand at August 31 is $445. The boo the books at $146 which was written for $155 for supplies (expense); it cleared the bank during the month of August. (a) Your answer is correct. Prepare a bank reconciliation dated August 31, 2020, proceeding to a correct balance. BUFFALO COMPANY Bank Reconciliation, August 31, 2020 County National Bank 11607 ment. August 31, 202 T + IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VER (b) Prepare any entries necessary to make the books correct and complete. (If no entry is required, select "No Entry" for the account titles and enter 0 for th account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31, 2020 (To record collection of note and interest) Aug. 31, 2020 (To record August bank charges) dy Aug. 31, 2020 (To record error in recording check for supplies) SHOW LIST OF ACCOUNTS LINK TO TEXT SAVE FOR LATER SUBHIT Attempts: 0 of 5 used ere to search

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 2AP
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A edugen.wileyplus.com/edugen/Iti/main.uni PLUS S Kieso, Intermediate Accounting, 17e Help I System Announcements OURCES Exercise 7-25 (Part Level Submission) 05 Buffalo Company has just received the August 31, 2020, bank statement, which is summarized below. Part on. Part on) County National Bank Disbursements Receipts Balance Balance, August 1 Deposits during August Note collected for depositor, including $57 interest Checks cleared during August Bank service charges Balance, August 31 $13,445 $46,207 1,492 59,652 61,144 $49,508 11,636 (Part ion) (Part sion) (Part sion) 29 11,607 11,607 The general ledger Cash account contained the following entries for the month of August. Cash 14,422 Disbursements in August 50,103 Balance, August 1 Receipts during August s by Study 50,225 Deposits in transit at August 31 are $5,453, and checks outstanding at August 31 total $1,507. Cash on hand at August 31 is $445. The boo the books at $146 which was written for $155 for supplies (expense); it cleared the bank during the month of August. (a) Your answer is correct. Prepare a bank reconciliation dated August 31, 2020, proceeding to a correct balance. BUFFALO COMPANY Bank Reconciliation, August 31, 2020 County National Bank 11607 ment. August 31, 202 T +
Transcribed Image Text:A edugen.wileyplus.com/edugen/Iti/main.uni PLUS S Kieso, Intermediate Accounting, 17e Help I System Announcements OURCES Exercise 7-25 (Part Level Submission) 05 Buffalo Company has just received the August 31, 2020, bank statement, which is summarized below. Part on. Part on) County National Bank Disbursements Receipts Balance Balance, August 1 Deposits during August Note collected for depositor, including $57 interest Checks cleared during August Bank service charges Balance, August 31 $13,445 $46,207 1,492 59,652 61,144 $49,508 11,636 (Part ion) (Part sion) (Part sion) 29 11,607 11,607 The general ledger Cash account contained the following entries for the month of August. Cash 14,422 Disbursements in August 50,103 Balance, August 1 Receipts during August s by Study 50,225 Deposits in transit at August 31 are $5,453, and checks outstanding at August 31 total $1,507. Cash on hand at August 31 is $445. The boo the books at $146 which was written for $155 for supplies (expense); it cleared the bank during the month of August. (a) Your answer is correct. Prepare a bank reconciliation dated August 31, 2020, proceeding to a correct balance. BUFFALO COMPANY Bank Reconciliation, August 31, 2020 County National Bank 11607 ment. August 31, 202 T +
IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VER (b) Prepare any entries necessary to make the books correct and complete. (If no entry is required, select "No Entry" for the account titles and enter 0 for th account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31, 2020 (To record collection of note and interest) Aug. 31, 2020 (To record August bank charges) dy Aug. 31, 2020 (To record error in recording check for supplies) SHOW LIST OF ACCOUNTS LINK TO TEXT SAVE FOR LATER SUBHIT Attempts: 0 of 5 used ere to search
Transcribed Image Text:IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VER (b) Prepare any entries necessary to make the books correct and complete. (If no entry is required, select "No Entry" for the account titles and enter 0 for th account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31, 2020 (To record collection of note and interest) Aug. 31, 2020 (To record August bank charges) dy Aug. 31, 2020 (To record error in recording check for supplies) SHOW LIST OF ACCOUNTS LINK TO TEXT SAVE FOR LATER SUBHIT Attempts: 0 of 5 used ere to search
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Bank reconciliation: 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.

 

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