Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 4, Problem 58BPSB
1.
To determine
To prepare: A bank reconciliation.
Introduction:.Bank reconciliation is a process in which, the bank account which is prepared in the books of company is compared with the bank statement issued by bank. The difference in balances is then adjusted by recording appropriate
2.
To determine
To prepare:
Introduction: Journal entries provide a record of the financial activities undertaken within an organization. Journal entries helps in preparation of financial statements of a company.
3.
To determine
The cash balance to be reported on the
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QUESTION 8
You are provided with information relating to Umdoni Stores.
The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19:
Balance per bank statement
R5 000 Debit
7.
An EFT payment made by a receivable for R4 300 on 31
October 20.19 appeared in the bank statement but not in the
Balance per Cash Book
R6 500 credit
October Cash Book.
Outstanding deposit dated 30 September 20.19
R20 500
On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October,
the following was noted:
To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the R4 300 deposit (no. 7)
must be recorded as follows:
In the debit column of the Bank reconciliation statement as R4 300
O In the credit column of the Bank reconciliation statement as R4 300
Not recorded in the Bank account or the Bank reconciliation statement
On the debit side of the Bank account as R4 300
On…
Please answer letter B
Chapter 4 Solutions
Cornerstones of Financial Accounting
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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- 6:07 ◄ MonopolyGO Wie Conversation Window to you 's Help Ex 8-12 Prepare bank reconciliation and adjusting entries The information below relates to the Cash account in the ledger of Quicksilver Company. Balance July 1-$20,530, Cash deposited - $61,250. Balance July 30-$22,200; Checks written - $59,580. The July bank statement shows a balance of $23,450 on July 30 and the following memoranda. Credits Collection of $3,850 note plus interest $50 Interest earned on checking account Debits $3,900 $200 NSF check: Dr. Fate Safety deposit box rent $630 $270 At July 30, deposits in transit were $6,275 and outstanding checks totaled $4,625. Instructions: (a) Prepare the bank reconciliation at July 30 (b) Prepare the adjusting entries at July 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (e) QUICKSILVER COMPANY Bank…arrow_forwardProblem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 Skip to question [The following information applies to the questions displayed below.]The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,361 debit balance, but its July bank statement shows a $27,223 cash balance. Check Number 3031 for $1,310, Check Number 3065 for $431, and Check Number 3069 for $2,078 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. The July bank statement shows the bank collected $6,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this…arrow_forwardProblem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 Skip to question [The following information applies to the questions displayed below.]The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,361 debit balance, but its July bank statement shows a $27,223 cash balance. Check Number 3031 for $1,310, Check Number 3065 for $431, and Check Number 3069 for $2,078 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. The July bank statement shows the bank collected $6,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this…arrow_forward
- Please do not give image formatarrow_forwardplease dont provide solution image based thnxarrow_forwardQUESTION 6 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 5. Service fees of R350 appeared on the bank statement but not in the Cashbook. Balance per Cash Book R6 500 credit Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the service fees of R350 (no. 5) must be recorded as follows: On the credit side of the Bank account as R350 O In the debit column of the Bank reconciliation statement as R350 O In the credit column of the Bank reconciliation statement as R350 On the debit side of the Bank account as R350 Not recorded in the Bank account or the Bank reconciliation statementarrow_forward
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