Prepare adjusting journal entries to reconcile the book and bank balances Step 1A bank reconciliation statement is prepared for reconciling the company's cash bookwith the bank statement.Step 2Bank Reconciliation StatementMs. Cherie EruelaAs of Feb 21ADateParticularsAmounts$292,15025/2 Closing balance as per bank statement15/2 Uncleared Payment(Alma Mae Pedrosa)19/2 Bank charges(DM)(35,000)2,85025/2 NSF20,00026/2 Uncleared payment(Lord Aguilar)29/2 Uncleared deposits(15,000)35.000$300,000Balance as per cash book

Bank Reconciliation Statement is a statement is prepared to correct the balance between cash balance…

Answered: repare adjusting journal entries to…

Business

Accounting

repare adjusting journal entries to reconcile the book and bank balances

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The adjusting entries for a bank reconciliation Select the correct response: May include a debit to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: A fee the bank charges for maintaining bank records and processing bank statement items for the…

A: The question is asking to identify the term used for the fee that a bank charges for maintaining…

Q: received a check from the Asif and paid in to the bank journal entry

A: Cash and Bank are two different assets for the business. These assets will be debited in case of…

Q: Which ones have a credit balance? Bills in arrears Promissory notes receivable in advance

A: The different accounts in the business have normal Debit and credit balance. The assets and expenses…

Q: Your client has requested that you assist them in setting up their accounting system and asks that…

A: Answer:- Accounting system:- An accounting system is a collection of accounting processes that have…

Q: Which procedure is an auditor most likely to use to detect a check outstanding at year-end that was…

A: answer are as follows

Q: Match the following in the correct order.

A: Check- reminder of what the check was payment for Numerical amount- written number in box Written…

Q: Which of the following provides the highest-quality evidence regarding the Valuation of recorded…

A: Performing the Analytical procedures provides the highest-quality evidence regarding the Valuation…

Q: Account Balancing Match your balance Next are the outstanding transactions which you didn't check…

A: I am you are asking about, An accounting or financial task where you need to reconcile your account…

Q: IV. Direction: Determine if the bank transaction is to be shown on the debit side or credit side of…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: An adjusting entry is required for: Select one: a. Deposit in transit. O b.Outstanding checks. O c…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: The journal entries for a bank reconciliation . are taken from the "balance per bank" section only.…

A: A bank reconciliation is a statement that is prepared to match the bank balance as per the books of…

Q: A bank statement ☐ is a bill from the bank for services rendered ☐ lets a depositor know the…

A: Bank statement:Bank statement refers to a printed record of the bank account balance. It consists of…

Q: pt in Progress Patricia Sells is unable to reconcile the bank balance at January 31. Patricia's…

A: Bank reconciliation is a statement which is used to reconcile the amount recorded in the books of…

Q: Which of the following is considered cash? a. Thirty-day certificate of deposits b. Customer’s…

A: Cash is very important current asset for the business, which is shown in balance sheet of the…

Q: The following is the description of cash disbursements system of Two symbols limites: Upon receipt…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Del Gato Clinic's cash account shows an $13,911 debit balance and its bank statement shows $12,946…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: Hills Company's June 30 bank statement and the June ledger account for cash are summarized here:…

A: A bank reconciliation statement is a statement that adds or subtracts the differences between the…

Q: A tear-off part of a check that has a simple explanation of the reasons for the payment is called:

A: The Check has Different Features which enables the User to utilize to its best use. The Tear Off…

Q: Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank…

A: Bank reconciliation: Bank reconciliation is a statement which bring into agreement the cash balance…

Q: Select all that apply Determine which of the items below would appear in the Deposits column of a…

A: A bank statement is a document provided by a bank or financial institution to an account holder,…

Q: Outstanding checks for current period shall:

A: Outstanding checks are the check which are issued but not yet presented by other or cleared by bank.…

Q: urrent balance based on the statement balance is $ urrent balance based on the checkbook balance is…

A: Bank Capital - Bank capital is the balance of a bank's net worth left over after subtracting its…

Q: What adjustment is required when a check written in a prior month appears on the bank statement for…

A: A bank statement is just a monthly document sent by a bank to its customers that lists the…

Q: Which of the following responses to an accounts receivable confirmation at December 31

Q: Which account in the bank helps the customers to deposit and withdraw when they need it? a. Savings…

A: Introduction: Banks: Banks accepts deposits from customers and gives loans to who are needed. It…

Q: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

A: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

Q: Name the four basic components of an AIS.

A: Accounting Information System (AIS) seems to be a mix of technologies and accounting principles…

Q: can you cash a check from an equity reserve account

A: Equity reserve Equity reserve means the amount of money you can access in the future if you…

Q: Bank Reconciliation REQUIRED: A. Based on the application of the necessary procedures and…

A: The bank reconciliation of Franc Company on July 31 is given to us. The data for the month ending…

Q: How did you calculate the deposits and checks outstanding

A: The deposit which are deposited by company on last date of month may not be reflected the in bank…

Q: Items on company bank statement: 1. Bank correction of an error from posting another customers…

A: Introduction: A bank statement is a document that is generally provided by the bank to the account…

Q: An adjusting entry is required for: Select one © a. Deposit în transit. O b. Outstanding checks O…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Based on the following information, determine the true balance in your checking account. Balance in…

A: BANK RECONCILIATION Bank Reconciliation is the Statement which provides the Balance as per…

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

Prepare adjusting journal entries to reconcile the book and bank balances

Step 1
A bank reconciliation statement is prepared for reconciling the company's cash book
with the bank statement.
Step 2
Bank Reconciliation Statement
Ms. Cherie Eruela
As of Feb 21A
Date
Particulars
Amounts
$292,150
25/2 Closing balance as per bank statement
15/2 Uncleared Payment(Alma Mae Pedrosa)
19/2 Bank charges(DM)
(35,000)
2,850
25/2 NSF
20,000
26/2 Uncleared payment(Lord Aguilar)
29/2 Uncleared deposits
(15,000)
35.000
$300,000
Balance as per cash book

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Bank reconciliation

VIEW

Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Indicate whether each transaction would require an adjustment to the bank balance or the book balance when reconciling cash. Interest earned on the cash balance per the bank Choose. statement Minimum balance bank fee charged on the bank Choose. statement Collecton on a note from a customer as indicated on the Choose. bank statement NSF check received from a customer as revealed on the Choose. bank statement Outstanding checks Choose. Bank service charge on the bank statement Choose.
How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
How to know when the account is debited or credited
Give typing answer with explanation and conclusion He writes a draft from his personal bank account payable to the power company. This draft is known as a(n) _____. certified check accord and satisfaction promissory note check non-negotiable instrument
Match each item to a bank statement adjustment, a company books adjustment, or either. Question 8 options: NSF check Bank charges Outstanding checks Error in recording a check Interest revenue Deposit in transit Note collected by the bank 1. bank statement adjustment 2. company books adjustment 3. either
Use the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank recor no entry Is requlred for a transactlon/event, select "No Journal Entry Requlred" In the first account fleld.) BANK STATEMENT
journalize any necessary entries for photo op based on bank recon
Record any 5 imaginary transactions of a bank ( current account ) with a specific customer. Record journal entries including interest calculation
The bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice a debit to Cash. a credit to Interest Income. a credit to Cash. a debit to Accounts Receivable.
Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n) ____.
More info a. Outstanding checks, $670. b. Deposits in transit, $1,500. C. NSF check from customer, no. 548, for $175. d. Bank collection of note receivable of $800, and interest of $80. Interest earned on bank balance, $20. e. f. g. h. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. The bank incorrectly decreased the business's by $350 for a check written by another business. X
Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash on hand awaiting deposit c.collections already forwarded to the bank for deposit but too late to appear in the bank statement d.Checks drawn and already given to payees but not yet presented for payment