Cornerstones of Financial Accounting - With CengageNow
4th Edition
ISBN: 9781337760959
Author: Rich
Publisher: CENGAGE L
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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
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 | $ 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
Expert Solution
Answer to Problem 46E
The necessary adjusting entries are as follows:
| Valentine Investigations | |||||
| Bank Reconciliation | |||||
| 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
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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Chapter 4 Solutions
Cornerstones of Financial Accounting - With CengageNow
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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