FUND. OF FINANCIAL ACCT. (LL) W/CONNECT
6th Edition
ISBN: 9781260725254
Author: PHILLIPS
Publisher: MCG
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Chapter 5, Problem 10ME
To determine
To list: The outstanding checks at May 31
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Students have asked these similar questions
After preparing a bank reconciliation, journal entries are necessary to record
Bank service charges
Deposits in transit
Outstanding checks
Both B and C are correct
A, B, and C are correct
A journal entry would need to be made for which of the following adjustments on a bankreconciliation?a. Bank service chargesb. Outstanding checksc. Deposits in transitd. Bank error to be corrected by the bank
Bank reconciliation
2 On Oct. 31, 20x1, Dark Co.'s cash balance per recards is P7,540,
while the balance per bank statement is P8,510. The following
information is determined:
a. The bank statement reflects a P780 deposit that is not yet
recorded in the books. The deposit pertains to a collection
of note receivable with a principal balance of P700; the
difference represents the interest on the note,
b. The bank statement also reflects a P25 withdrawal
representing service charges for the month.
c Dark Co. erroneously recorded a check drawn for P140 as
P410. The check, which is payment for an account payable,
cleared the bank at the correct amount.
d. Dark Co. erroneously recorded a P910 collection of an
account receivable as Pl90. The bank statement reflects the
correct amount of deposit.
A PL,900 check deposit on Oct. 31 is not yet reflected in the
bank statement.
E The following checks drawn by Dark Co. are not yet
presented to the bank for payment: Check 075 for P325,
Check 080 for…
Chapter 5 Solutions
FUND. OF FINANCIAL ACCT. (LL) W/CONNECT
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What aspect(s) of the Sarbanes-Oxley Act might...Ch. 5 - Prob. 7QCh. 5 - What are the five components of an internal...Ch. 5 - Prob. 9QCh. 5 - Why is it a good idea to assign each task to only...
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - What is the primary internal control goal for cash...Ch. 5 - Prob. 18QCh. 5 - Prob. 19QCh. 5 - Prob. 20QCh. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 1MCCh. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - Which of the following internal control principles...Ch. 5 - Prob. 6MCCh. 5 - Prob. 7MCCh. 5 - Prob. 8MCCh. 5 - Prob. 9MCCh. 5 - Prob. 10MCCh. 5 - Prob. 1MECh. 5 - Prob. 2MECh. 5 - Prob. 3MECh. 5 - Prob. 4MECh. 5 - Prob. 5MECh. 5 - Prob. 6MECh. 5 - Prob. 7MECh. 5 - Prob. 8MECh. 5 - Prob. 9MECh. 5 - Prob. 10MECh. 5 - Prob. 11MECh. 5 - Prob. 12MECh. 5 - Prob. 13MECh. 5 - Prob. 14MECh. 5 - Prob. 15MECh. 5 - Prob. 16MECh. 5 - Identifying Internal Control Principle and...Ch. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Reporting Cash, Cash Equivalents, and Restricted...Ch. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 1CPCh. 5 - Prob. 2CPCh. 5 - Prob. 3CPCh. 5 - Prob. 4CPCh. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Prob. 4PBCh. 5 - Recording Transactions and Adjustments,...Ch. 5 - Finding Financial Information Refer to the...Ch. 5 - Comparing Financial Information Refer to the...Ch. 5 - Ethical Decision Making: A Real-Life Example When...Ch. 5 - Ethical Decision Making: A Mini-Case You are an...Ch. 5 - Accounting for Cash Receipts, Purchases, and Cash...
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- Prepare the journal entry to reconcile the bank statement in EB7.arrow_forwardInner Resources Company received the following bank statement. Using the information from PA11 and PA12, prepare the bank reconciliation.arrow_forwardAccompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n) ____.arrow_forward
- An adjusting entry is required for: Select one: a. Deposit in transit. O b.Outstanding checks. O c Bank errors. O d. Collection of a note by the bank.arrow_forwardAn NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:A. Accounts Receivable.B. An expense account.C. Cash.D. Cash Over and Short.arrow_forwardThe amount of the outstanding checks is included on the bank reconciliation as a(n)arrow_forward
- The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Using the following format, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the bal- ance of the company's account: Appears on the Bank Statement as a Debit or Credit Increases or Decreases the Balance of the Company's Bank Account Item No. Memoarrow_forwardThe adjusting entries for a bank reconciliation Select the correct response: May include a debit to office expense for bank service charge. May include a credit to accounts receivable for an NSF customer check. Are taken from the "balance per bank" section only. May include a debit to accounts payable for an NSF customer check.arrow_forwardOn the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.arrow_forward
- Prepare any journal entries that should be made as a result of the bank reconciliation.arrow_forward6. Bank statements provide information about all of the following, except Group of answer choices bank charges for the period NSF checks errors made by the depositor checks cleared during the periodarrow_forwardWhich procedure is an auditor most likely to use to detect a check outstanding at year-end that was not recorded as outstanding on the year-end bank reconciliation? Multiple Choice Prepare a bank transfer schedule using the client's cash receipts and cash disbursements journal. Receive a cutoff bank statement directly from the client's bank. Prepare a four column bank reconciliation using the year-end bank statement. Confirm the year-end balance using the standard form to confirm account balance information with financial institutions. MacBook Ainarrow_forward
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