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 60APSA

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 60APSA

The Bank reconciliation Statement is as follows:

Cornerstones of Financial Accounting, Chapter 4, Problem 60APSA

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

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 60APSA

The necessary adjusting entries are as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
July. 31	Accounts Receivable	$ 190
	Cash		$190

July. 31	Bank Charges	$ 40
	Cash		$ 40

Explanation of Solution

The necessary adjusting entries are explained as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

July. 31	Accounts Receivable	$ 190
	Cash		$190
	(Being adjustment made for NSF check)

July. 31	Bank Charges	$ 40
	Cash		$ 40
	(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 balance sheet.

Expert Solution

Answer to Problem 60APSA

The amount of cash to be reported on balance sheet shall be $7,550

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

Hence, the amount of cash to be reported on October 31 balance sheet shall be $7,550.

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Answer 2

Question

Chapter 4, Problem 60APSA

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 60APSA

The Bank reconciliation Statement is as follows:

Cornerstones of Financial Accounting, Chapter 4, Problem 60APSA

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

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 60APSA

The necessary adjusting entries are as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
July. 31	Accounts Receivable	$ 190
	Cash		$190

July. 31	Bank Charges	$ 40
	Cash		$ 40

Explanation of Solution

The necessary adjusting entries are explained as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

July. 31	Accounts Receivable	$ 190
	Cash		$190
	(Being adjustment made for NSF check)

July. 31	Bank Charges	$ 40
	Cash		$ 40
	(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 balance sheet.

Expert Solution

Answer to Problem 60APSA

The amount of cash to be reported on balance sheet shall be $7,550

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

Hence, the amount of cash to be reported on October 31 balance sheet shall be $7,550.

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Answer 3

Question

Chapter 4, Problem 60APSA

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 60APSA

The Bank reconciliation Statement is as follows:

Cornerstones of Financial Accounting, Chapter 4, Problem 60APSA

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

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 60APSA

The necessary adjusting entries are as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
July. 31	Accounts Receivable	$ 190
	Cash		$190

July. 31	Bank Charges	$ 40
	Cash		$ 40

Explanation of Solution

The necessary adjusting entries are explained as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

July. 31	Accounts Receivable	$ 190
	Cash		$190
	(Being adjustment made for NSF check)

July. 31	Bank Charges	$ 40
	Cash		$ 40
	(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 balance sheet.

Expert Solution

Answer to Problem 60APSA

The amount of cash to be reported on balance sheet shall be $7,550

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

Hence, the amount of cash to be reported on October 31 balance sheet shall be $7,550.

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Answer 4

Question

Chapter 4, Problem 60APSA

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 60APSA

The Bank reconciliation Statement is as follows:

Cornerstones of Financial Accounting, Chapter 4, Problem 60APSA

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

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 60APSA

The necessary adjusting entries are as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
July. 31	Accounts Receivable	$ 190
	Cash		$190

July. 31	Bank Charges	$ 40
	Cash		$ 40

Explanation of Solution

The necessary adjusting entries are explained as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

July. 31	Accounts Receivable	$ 190
	Cash		$190
	(Being adjustment made for NSF check)

July. 31	Bank Charges	$ 40
	Cash		$ 40
	(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 balance sheet.

Expert Solution

Answer to Problem 60APSA

The amount of cash to be reported on balance sheet shall be $7,550

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

Hence, the amount of cash to be reported on October 31 balance sheet shall be $7,550.

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Answer 5

Chapter 4, Problem 60APSA

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 60APSA

The Bank reconciliation Statement is as follows:

Cornerstones of Financial Accounting, Chapter 4, Problem 60APSA

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

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 60APSA

The necessary adjusting entries are as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
July. 31	Accounts Receivable	$ 190
	Cash		$190

July. 31	Bank Charges	$ 40
	Cash		$ 40

Explanation of Solution

The necessary adjusting entries are explained as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

July. 31	Accounts Receivable	$ 190
	Cash		$190
	(Being adjustment made for NSF check)

July. 31	Bank Charges	$ 40
	Cash		$ 40
	(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 balance sheet.

Expert Solution

Answer to Problem 60APSA

The amount of cash to be reported on balance sheet shall be $7,550

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

Hence, the amount of cash to be reported on October 31 balance sheet shall be $7,550.

Answer 6

Chapter 4, Problem 60APSA

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 60APSA

The Bank reconciliation Statement is as follows:

Cornerstones of Financial Accounting, Chapter 4, Problem 60APSA

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

Answer 7

Chapter 4, Problem 60APSA

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 60APSA

The Bank reconciliation Statement is as follows:

Cornerstones of Financial Accounting, Chapter 4, Problem 60APSA

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:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

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 60APSA

The necessary adjusting entries are as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
July. 31	Accounts Receivable	$ 190
	Cash		$190

July. 31	Bank Charges	$ 40
	Cash		$ 40

Explanation of Solution

The necessary adjusting entries are explained as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

July. 31	Accounts Receivable	$ 190
	Cash		$190
	(Being adjustment made for NSF check)

July. 31	Bank Charges	$ 40
	Cash		$ 40
	(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 60APSA

The necessary adjusting entries are as follows:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit
July. 31	Accounts Receivable	$ 190
	Cash		$190

July. 31	Bank Charges	$ 40
	Cash		$ 40

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:

Dixon Products
Bank Reconciliation
Journal Entries

Date	Accounts titles and Explanation	Debit	Credit

July. 31	Accounts Receivable	$ 190
	Cash		$190
	(Being adjustment made for NSF check)

July. 31	Bank Charges	$ 40
	Cash		$ 40
	(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 balance sheet.

Expert Solution

Answer to Problem 60APSA

The amount of cash to be reported on balance sheet shall be $7,550

Explanation of Solution

The Bank reconciliation Statement is explained as follows:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550

Hence, the amount of cash to be reported on October 31 balance sheet shall be $7,550.

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 balance sheet.

Answer 22

Expert Solution

Answer to Problem 60APSA

The amount of cash to be reported on balance sheet shall be $7,550

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:

Dixon Products
Bank Reconciliation
As of July 31

Bank Side		Book Side
Balance as per Bank statement	$ 8,540	Balance as per Cash Book (11800+37600-41620)		$ 7,780
Add:		Add:
Deposit in transit	$ 1,150

Less:		Less:
Outstanding Checks	$ 2,140	NSF Check	$ 190
		Bank Service Charges	$ 40	$230

Reconciled Balance	$ 7,550	Reconciled Balance		$ 7,550