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.

Question

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Answer 1

Question

Chapter 4, Problem 44E

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

Answer to Problem 44E

The Bank reconciliation Statement is as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error (973-379)		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

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 Indicate:

The amount of cash to be reported on October 31 balance sheet.

Expert Solution

Answer to Problem 44E

The amount of cash to be reported on October 31 balance sheet shall be $22,014.

Explanation of Solution

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

The amount of cash to be reported on October 31 balance sheet shall be $22,014

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Answer 2

Question

Chapter 4, Problem 44E

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

Answer to Problem 44E

The Bank reconciliation Statement is as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error (973-379)		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

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 Indicate:

The amount of cash to be reported on October 31 balance sheet.

Expert Solution

Answer to Problem 44E

The amount of cash to be reported on October 31 balance sheet shall be $22,014.

Explanation of Solution

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

The amount of cash to be reported on October 31 balance sheet shall be $22,014

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Answer 3

Question

Chapter 4, Problem 44E

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

Answer to Problem 44E

The Bank reconciliation Statement is as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error (973-379)		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

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 Indicate:

The amount of cash to be reported on October 31 balance sheet.

Expert Solution

Answer to Problem 44E

The amount of cash to be reported on October 31 balance sheet shall be $22,014.

Explanation of Solution

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

The amount of cash to be reported on October 31 balance sheet shall be $22,014

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Answer 4

Question

Chapter 4, Problem 44E

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

Answer to Problem 44E

The Bank reconciliation Statement is as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error (973-379)		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

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 Indicate:

The amount of cash to be reported on October 31 balance sheet.

Expert Solution

Answer to Problem 44E

The amount of cash to be reported on October 31 balance sheet shall be $22,014.

Explanation of Solution

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

The amount of cash to be reported on October 31 balance sheet shall be $22,014

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Answer 5

Chapter 4, Problem 44E

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

Answer to Problem 44E

The Bank reconciliation Statement is as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error (973-379)		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

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 Indicate:

The amount of cash to be reported on October 31 balance sheet.

Expert Solution

Answer to Problem 44E

The amount of cash to be reported on October 31 balance sheet shall be $22,014.

Explanation of Solution

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

The amount of cash to be reported on October 31 balance sheet shall be $22,014

Answer 6

Chapter 4, Problem 44E

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

Answer to Problem 44E

The Bank reconciliation Statement is as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error (973-379)		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Answer 7

Chapter 4, Problem 44E

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.

Answer 8

Expert Solution

Answer to Problem 44E

The Bank reconciliation Statement is as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error (973-379)		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

Answer 13

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 Indicate:

The amount of cash to be reported on October 31 balance sheet.

Expert Solution

Answer to Problem 44E

The amount of cash to be reported on October 31 balance sheet shall be $22,014.

Explanation of Solution

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014

The amount of cash to be reported on October 31 balance sheet shall be $22,014

Answer 14

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 Indicate:

The amount of cash to be reported on October 31 balance sheet.

Answer 15

Expert Solution

Answer to Problem 44E

The amount of cash to be reported on October 31 balance sheet shall be $22,014.

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

Johnson's Corporation Bank
Bank Reconciliation Statement
As of October 31

Bank Side			Book Side
Balance as per Bank statement	$ 22,381	Balance as per Cash Book		$ 22,025
Add:		Add:
Deposit in transit	$ 855	Check Error		$ 594

Less:		Less:
Outstanding Checks	$ 1,222	NSF Check	$ 480
		Bank Service Charges	$ 125	$ 605

Reconciled Balance	$ 22,014	Reconciled Balance		$ 22,014