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 46E

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 46E

The Bank reconciliation Statement is as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

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

Answer to Problem 46E

The necessary adjusting entries are as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
Feb. 28	Electricity Expense	$ 800
	Cash		$800

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50

Explanation of Solution

The necessary adjusting entries are explained as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Electricity Expense	$ 800
	Cash		$800
	(Being adjustment made for expenses)

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50
	(Being adjustment made for Bank Charges)

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-3:

To Indicate:

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

Expert Solution

Answer to Problem 46E

The amount of cash to be reported on October 31 balance sheet shall be $11,033.

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Hence, the amount of cash to be reported on October 31 balance sheet shall be $11,033.

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Rahul Consulting Services expects its consultants to work 25,000 direct labor hours per year. The company's estimated total indirect costs are $350,000. The direct labor rate is $95 per hour. The company uses direct labor hours as the allocation base for indirect costs. If Rahul performs a job requiring 40 hours of direct labor, what is the total job cost?

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Answer 2

Question

Chapter 4, Problem 46E

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 46E

The Bank reconciliation Statement is as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

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

Answer to Problem 46E

The necessary adjusting entries are as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
Feb. 28	Electricity Expense	$ 800
	Cash		$800

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50

Explanation of Solution

The necessary adjusting entries are explained as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Electricity Expense	$ 800
	Cash		$800
	(Being adjustment made for expenses)

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50
	(Being adjustment made for Bank Charges)

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-3:

To Indicate:

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

Expert Solution

Answer to Problem 46E

The amount of cash to be reported on October 31 balance sheet shall be $11,033.

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Hence, the amount of cash to be reported on October 31 balance sheet shall be $11,033.

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Answer 3

Question

Chapter 4, Problem 46E

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 46E

The Bank reconciliation Statement is as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

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

Answer to Problem 46E

The necessary adjusting entries are as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
Feb. 28	Electricity Expense	$ 800
	Cash		$800

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50

Explanation of Solution

The necessary adjusting entries are explained as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Electricity Expense	$ 800
	Cash		$800
	(Being adjustment made for expenses)

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50
	(Being adjustment made for Bank Charges)

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-3:

To Indicate:

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

Expert Solution

Answer to Problem 46E

The amount of cash to be reported on October 31 balance sheet shall be $11,033.

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Hence, the amount of cash to be reported on October 31 balance sheet shall be $11,033.

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Answer 4

Question

Chapter 4, Problem 46E

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 46E

The Bank reconciliation Statement is as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

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

Answer to Problem 46E

The necessary adjusting entries are as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
Feb. 28	Electricity Expense	$ 800
	Cash		$800

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50

Explanation of Solution

The necessary adjusting entries are explained as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Electricity Expense	$ 800
	Cash		$800
	(Being adjustment made for expenses)

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50
	(Being adjustment made for Bank Charges)

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-3:

To Indicate:

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

Expert Solution

Answer to Problem 46E

The amount of cash to be reported on October 31 balance sheet shall be $11,033.

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Hence, the amount of cash to be reported on October 31 balance sheet shall be $11,033.

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Answer 5

Chapter 4, Problem 46E

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 46E

The Bank reconciliation Statement is as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

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

Answer to Problem 46E

The necessary adjusting entries are as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
Feb. 28	Electricity Expense	$ 800
	Cash		$800

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50

Explanation of Solution

The necessary adjusting entries are explained as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Electricity Expense	$ 800
	Cash		$800
	(Being adjustment made for expenses)

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50
	(Being adjustment made for Bank Charges)

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-3:

To Indicate:

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

Expert Solution

Answer to Problem 46E

The amount of cash to be reported on October 31 balance sheet shall be $11,033.

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Hence, the amount of cash to be reported on October 31 balance sheet shall be $11,033.

Answer 6

Chapter 4, Problem 46E

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 46E

The Bank reconciliation Statement is as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Answer 7

Chapter 4, Problem 46E

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 46E

The Bank reconciliation Statement is as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

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:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

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 Prepare:

The necessary adjusting entries.

Expert Solution

Answer to Problem 46E

The necessary adjusting entries are as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
Feb. 28	Electricity Expense	$ 800
	Cash		$800

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50

Explanation of Solution

The necessary adjusting entries are explained as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Electricity Expense	$ 800
	Cash		$800
	(Being adjustment made for expenses)

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50
	(Being adjustment made for Bank Charges)

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 Prepare:

The necessary adjusting entries.

Answer 15

Expert Solution

Answer to Problem 46E

The necessary adjusting entries are as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
Feb. 28	Electricity Expense	$ 800
	Cash		$800

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The necessary adjusting entries are explained as follows:

Valentine Investigations
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

Feb. 28	Electricity Expense	$ 800
	Cash		$800
	(Being adjustment made for expenses)

Feb. 28	Bank Service Charges	$ 50
	Cash		$ 50
	(Being adjustment made for Bank Charges)

Answer 20

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-3:

To Indicate:

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

Expert Solution

Answer to Problem 46E

The amount of cash to be reported on October 31 balance sheet shall be $11,033.

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033

Hence, the amount of cash to be reported on October 31 balance sheet shall be $11,033.

Answer 21

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-3:

To Indicate:

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

Answer 22

Expert Solution

Answer to Problem 46E

The amount of cash to be reported on October 31 balance sheet shall be $11,033.

Answer 23

Expert Solution

Answer 24

Expert Solution

Answer 25

Expert Solution

Answer 26

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Valentine Investigations
Bank Reconciliation Statement
As on February 28

Bank Side			Book Side
Balance as per Bank statement	$ 11,610	Balance as per Cash Book (7444+106780-102341)		$ 11,883
Add:		Add:
Deposit in transit	$ 4,580

Less:		Less:
Outstanding Checks	$ 5,157	Debit Memo	$ 800
		Bank Service Charges	$ 50	$ 850

Reconciled Balance	$ 11,033	Reconciled Balance		$ 11,033