Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 31BE
To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

Requirement-1:

To Prepare:

The Bank reconciliation Statement.

Expert Solution
Check Mark

Answer to Problem 31BE

The Bank reconciliation Statement is as follows:

    Zing Corp.
    Bank Reconciliation Statement
    As of April 30, 2020
    Bank SideBook Side
    Balance as per Bank statement $ 74,350 Balance as per Cash Book $ 72,329
    Add: Add:
    Deposit in transit $ 2,100 Collection of Note and interest $ 3,090
    Interest Earned $140
    Check Error $ 36 $ 3,266
    Less:Less:
    Outstanding Checks $ 1,400 NSF Check $470
    Bank Service Charges $ 75 $ 545
    Reconciled Balance $ 75,050 Reconciled Balance $ 75,050

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

    Zing Corp.
    Bank Reconciliation Statement
    As of April 30, 2020
    Bank SideBook Side
    Balance as per Bank statement $ 74,350 Balance as per Cash Book $ 72,329
    Add: Add:
    Deposit in transit $ 2,100 Collection of Note and interest $ 3,090
    Interest Earned $140
    Check Error (773-737) $ 36 $ 3,266
    Less:Less:
    Outstanding Checks $ 1,400 NSF Check $470
    Bank Service Charges $ 75 $ 545
    Reconciled Balance $ 75,050 Reconciled Balance $ 75,050
To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

Requirement-2:

To Prepare:

The necessary adjusting entries.

Expert Solution
Check Mark

Answer to Problem 31BE

The necessary adjusting entries are as follows:

    Zing Corp.
    Bank Reconciliation
    Journal Entries
    Date Accounts titles and Explanation Debit Credit
    Apr. 30Cash $ 3,090
    Interest Receivable $ 90
    Notes Receivable $ 3,000
    Apr. 30Cash $140
    Interest Income $140
    Apr. 30Cash $ 36
    Accounts Payable $ 36
    Apr. 30Accounts Receivable $470
    Cash $470
    Apr. 30Bank Charges $ 75
    Cash $ 75

Explanation of Solution

The necessary adjusting entries are explained as follows:

    Zing Corp.
    Bank Reconciliation
    Journal Entries
    Date Accounts titles and Explanation Debit Credit
    Apr. 30Cash $ 3,090
    Interest Receivable $ 90
    Notes Receivable $ 3,000
    (Being note collected by bank)
    Apr. 30Cash $140
    Interest Income $140
    (Being interest earned on bank account)
    Apr. 30Cash $ 36
    Accounts Payable $ 36
    (Being adjustment made for error in Check)
    Apr. 30Accounts Receivable $470
    Cash $470
    (Being adjustment made for NSF check)
    Apr. 30Bank Charges $ 75
    Cash $ 75
    (Being adjustment made for Bank Charges)

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Chapter 4 Solutions

Cornerstones of Financial Accounting

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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