Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 28BE
To determine
Introduction: Rectification of error means there was an error in the last accounting period at the time of recording or
To choose: Pass appropriate journal entry.
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Knowledge Check 01
The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary
journal entry by selecting the account names and dollar amounts from the drop-down menus.
View transaction list
Journal entry worksheet
<
1
The company's bank reconciliation at June 30 included interest earned in the
amount of $150. Complete the necessary journal entry by selecting the
account names and dollar amounts from the drop-down menus.
Note: Enter debits before credits.
Date
June 01
FRAN
FA
O
General Journal
< Prev
144
19
► 11
Debit
of 19
H
Credit
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Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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- Cornerstone Exercise 4-18 Adjusting Entry from Bank Reconciliation A customer of Mutare paid for merchandise originally purchased on account with a check that has been erroneously entered into Mutares cash account for $570 (it actually has been issued and paid for $750). Required: Record the appropriate journal entry to correct the error.arrow_forwardChecking account reconciliation. Use Worksheet 4.1. Mateo Gonzalez has an interest-paying (NOW) checking account at the Second State Bank. His checkbook ledger lists the following checks: Mateo also made the following withdrawals and deposits at an ATM near his home: Mateos checkbook ledger shows an ending balance of 286.54. He has just received his bank statement for the month of November. It shows an ending balance of 622.44; it also shows that he earned interest for November of 3.28, had a check service charge of 8 for the month, and had another 20 charge for a returned check. His bank statement indicates the following checks have cleared: 654, 662, 672, 674, 675, 676, 677, 678, 679, and 681. ATM withdrawals on 11/1 and 11/14 and deposits on 11/2 and 11/6 have cleared; no other checks or ATM activities are listed on his statement, so anything remaining should be treated as outstanding. Use a checking account reconciliation form like the one in Worksheet 4.1 to reconcile Mateo's checking account.arrow_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.arrow_forward
- Knowledge Check 01 The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. View transaction list Journal entry worksheet > W +arrow_forward5 While preparing the bank reconciliation for March, the accountant for Bertran Industries discovered that a $649 check in payment of an account payable had been entered incorrectly in the journal as $694. Which of the following is true? Multiple Choice An adjusting entry must be made to debit Cash and credit Accounts Payable for $45. An adjusting entry must be made to debit Accounts Payable and credit Cash for $45. The bank should be notified, and the bank should correct its records by adding $45 to the company's account. No entry is needed for the reconciling item because it appears on the bank's side of the reconciliation.arrow_forwardProblem 5- The bank statement and relevant portions of Bernie Company's cash records for the month ended June 30, 2023 are given below. Note that Cheque # 887 was recorded incorrectly by the bookkeeper for office supplies purchase. Cheque # 891 was recorded incorrectly by the bank. Prepare a bank reconciliation, in proper format, on the next page. Record the required reconciliation entrie you detach the page, please write your name on the page.arrow_forward
- Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?arrow_forwardNeed answer step by steparrow_forwardUsing Excel to Account For Bank Reconciliation Errors PROBLEM The following errors were found when the controller at Mitra Hotel was doing the October 31 bank reconciliation. Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. 1. On October 3, Mitra recorded a payment of an account payable at a different amount than the correct amount recorded by the bank. a. For each of these errors, indicate if and how it would be shown on the bank reconciliation, ▼ 2. 3. Recorded by Mitra $ Correct amount recorded by bank 360 630 On October 16, Mitra recorded a deposit for the collection of an account receivable at a different amount than the correct amount recorded by the bank. Recorded by Mitra 1. Payment of account payable Decrease to book cash balance 2. Collection of account receivable Increase to book cash balance 3. Collection of account…arrow_forward
- 28 Journal entries: 1. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. 2. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services.arrow_forwardIn detail pleasearrow_forwardPart 1: Prepare a bank reconciliation for may. Part 2: 1. Record the interest of $110 receipt from the bank. 2. Record the return of the customer check of $260 due to insufficient funds. 3. Record the service charges of $70 deducted by the bank. Part 3: 1. After the reconciliation journal entries are posted what balance will be reflected in the cash amount in the ledger? 2.  4. If the company also has $60 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what totall amount of Cash and Cash Equivalents should be reported on the balance sheet at the end of May?arrow_forward
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