Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 4, Problem 4.20AE
To determine
To prepare: Bank reconciliation of ST, as at March 31, 2018, and determine the actual cash with P, as on March 31, 2018
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Jeannette's Innovative Networking Express aka JINX has the following occurrences:
Having just completed Professor Hirt’s ACNT 1303 course, Jeannette decides to set up a Petty Cash fund in the amount of $100 to be able to pay cash for/reimburse ordinary but small (in amount) business expenses. She writes a check and takes it to the bank to cash it to get change and small denominations of currency.
After its third day in existence, the Petty Cash fund has dwindled in amount and has receipts for cash payments issued from it as follows:
Delivery Expense $24.00
Flowers Expense $36.00
Postage Expense $10.00
Supplies Expense $15.00
She writes a check to reimburse the Petty Cash fund.
After consulting with Professor Hirt, she decides to increase the amount of the fund to $200.00 and writes a check to do so.
Properly record these transactions in order of occurrence, i.e.…
The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at
business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her
checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of
$698. Her bank statement reflects a balance of $1,348. Checks outstanding are No. 2146, $25; No. 2148, $58; No. 2152, $198; and No.
2153, $464. Deposits in transit are $100 and $50. There is a $15 service charge and $5 ATM charge in addition to notes collected of
$50 and $25.
Reconcile Annie's balances.
BANK RECONCILIATION
Annie's checkbook balance
Bank balance
Add:
Add:
Subtotal
Subtotal
Deduct:
Deduct:
Subtotal
Reconciled balance
Reconciled balance
aw
4 of 15
The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at
business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her
checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of
$806. Her bank statement reflects a balance of $1,464. Checks outstanding are No. 2146, $47; No. 2148, $60; No. 2152, $217; and No.
2153, $455. Deposits in transit are $132 and $88. There is a $31 service charge and $13 ATM charge in addition to notes collected of
$115 and $28.
Reconcile Annie's balances.
Annie's checkbook balance
Add:
Subtotal
Deduct:
Subtotal
Reconciled balance
BANK RECONCILIATION
Chapter 4 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 4 - Prob. 1QCCh. 4 - Prob. 2QCCh. 4 - Prob. 3QCCh. 4 - Prob. 4QCCh. 4 - Prob. 5QCCh. 4 - Prob. 6QCCh. 4 - Prob. 7QCCh. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QCCh. 4 - Prob. 10QC
Ch. 4 - Prob. 11QCCh. 4 - Prob. 12QCCh. 4 - Prob. 4.1ECCh. 4 - Prob. 4.1SCh. 4 - Prob. 4.2SCh. 4 - (Learning Objective 2: Describe objectives and...Ch. 4 - Prob. 4.4SCh. 4 - (Learning Objective 2: Explain the objectives and...Ch. 4 - (Learning Objective 3: Evalue internal controls...Ch. 4 - Prob. 4.7SCh. 4 - Prob. 4.8SCh. 4 - Prob. 4.9SCh. 4 - Prob. 4.10SCh. 4 - Prob. 4.11SCh. 4 - Prob. 4.12SCh. 4 - Prob. 4.13SCh. 4 - Prob. 4.14SCh. 4 - Prob. 4.15AECh. 4 - Prob. 4.16AECh. 4 - Prob. 4.17AECh. 4 - Prob. 4.18AECh. 4 - Prob. 4.19AECh. 4 - Prob. 4.20AECh. 4 - Prob. 4.21AECh. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - (Learning Objectives 1, 2, 3: Describe fraud and...Ch. 4 - Prob. 4.26BECh. 4 - Prob. 4.27BECh. 4 - Prob. 4.28BECh. 4 - Prob. 4.29QCh. 4 - Prob. 4.30QCh. 4 - Prob. 4.31QCh. 4 - Prob. 4.32QCh. 4 - Prob. 4.33QCh. 4 - Prob. 4.34QCh. 4 - Prob. 4.35QCh. 4 - Prob. 4.36QCh. 4 - Prob. 4.37QCh. 4 - Prob. 4.38QCh. 4 - Prob. 4.39QCh. 4 - Prob. 4.40QCh. 4 - Prob. 4.41APCh. 4 - Prob. 4.42APCh. 4 - Prob. 4.43APCh. 4 - Prob. 4.44APCh. 4 - Prob. 4.45BPCh. 4 - (Learning Objectives 2, 3: Explain the objectives...Ch. 4 - (Learning Objective 3: Evaluate internal controls)...Ch. 4 - Prob. 4.48BPCh. 4 - Prob. 4.49CEPCh. 4 - Prob. 4.50CEPCh. 4 - Prob. 4.51SCCh. 4 - Prob. 4.52DCCh. 4 - Prob. 4.53DCCh. 4 - Prob. 4.54EICCh. 4 - Prob. 1FFCh. 4 - Prob. 1FA
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
- can you please help with the bank reconciliation statement and the journal entry’s for my homeworkarrow_forwardThe accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.arrow_forwardThe accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.arrow_forward
- This question requires you to do 2 things. Firstly, prepare the Bank Reconciliation Statement, but then also prepare the journal entries that are needed, in your own books (i.e. the business ledger) to bring your accounts into line with the extra transactions that have occurred in the Bank system. Good luck! E8-9 Preparing a bank reconciliation [10–15 min] Fred Brown operates four bowling alleys. He just received the 30 April bank statement from Citywide Bank and the statement shows an ending balance of $800. Listed on the statement are an EFT rent collection of $400, a service charge of $12, dishonoured cheques totalling $74 and a $9 charge for printed cheques. In reviewing his cash records, Brown identifies outstanding cheques totalling $467 and a deposit in transit of $1788. During April, he recorded a $290 cheque by debiting Salary expense and crediting Cash for $29. Fred Brown's Cash account shows a 30 April balance of $2077. Prepare the bank reconciliation at 30 April. Journalise…arrow_forwardP4-53A (Learning Objective 3: Design and use a bank reconciliation) The November 30 bank statement of Donald Engineering Associates has just arrived from Kansas First Bank. To prepare the Donald bank reconciliation, you gather the following data: a. Donald's Cash account shows a balance of $7,684.83 on November 30. b. The November 30 bank balance is $8,457.95. c. The bank statement shows that Donald earned $16.38 of interest on its bank balance during November. This amount was added to Donald's bank balance. d. Donald pays utilities ($750) and insurance ($240) by EFT. e. The following Donald checks did not clear the bank by November 30: Check No. Amount 237 $404.80 288 74.82 291 34.89 293 173.25 294 238.00 295 47.75 296 105.78 f. The bank statement includes a deposit of $903.10, collected on account by the bank on behalf of Donald. g. The bank statement lists a $7.50 bank service charge. h. On November 30, the Donald treasurer deposited $381.75, which will appear on the December bank…arrow_forwardcan you help me answer these questions please... The accounting records for Delta Driving School shows a cash balance of $14,134 on February 28, 2019. On the evening of February 28, company receipts of $1,250 were placed in the bank's night deposit drop box. The deposit was processed by the bank on March 1. The February 28 bank statement shows a balance of $18,877, including collection of a $6,000 note receivable plus $55 of interest earned, a service charge of $40, and a $1,550 debit memo for the payment of the company's utility bill. All of the checks that the company had written were listed on the bank statement except for check #1908 in the amount of $1,528. Prepare a bank reconciliation to calculate the company’s adjusted cash balance at February 28, 2019. Prepare the journal entries needed to adjust the cash records as a result of the bank reconciliation. Circle the number that will appear as Cash on Delta’s Balance Sheet at February 28, 2019.arrow_forward
- The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company's April 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company's computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items: a. The bank statement showed bank service fee of P800 b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250 was charged. c. Deposits in transit, P51,000. d. Checks outstanding on May 31, P79,100. e. The accountant found a check issued to Rhys Corp. for P4,50 that cleared the bank but was not in the cash ledger. Required: Prepare a Bank Reconciliation Statementarrow_forwardPlease help me fill out this bank reconciliation showing the true cash balance.arrow_forwardMy friend and I need help trying to figure this out please help us!!arrow_forward
- In the normal operation of business, you receive a check from a customer and deposit it into your checking account. With your bank statement, you are advised that this check for $775 is "NSF." The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will Oa. add both values to balance according to bank Ob. add both values to balance according to books Oc. subtract both values from balance according to books Od. subtract both values from balance according to bankarrow_forwardDamon Company receives its monthly bank statement, which reports a balance of $2,000. After comparing this to the company’s cash records, Damon’s accountants determine that deposits outstanding total $4,200 and checks outstanding total $4,450.Required:Calculate the reconciled bank balance for cash.arrow_forwardA first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. The cash float for the cash registers totals $950. 2. The balance in the Petty Cash account is $300. At year end, the fund had $47 cash and receipts totalling $253. 3. The balance in the company's chequing account is $9,900. The company also has a U.S. bank account, which contained the equivalent of $17,300 Canadian at year end. 4. The company has overdraft protection of $12,100 on its chequing account. 5. The company has a separate bank account with a balance of $9,900. This consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $15,700 of postdated cheques from customers for payment of accounts receivable. 6. 7. The company has the following short-term…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education