Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781259864230
Author: PHILLIPS, Fred, Libby, Robert, Patricia A.
Publisher: Mcgraw-hill Education,
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Chapter 5, Problem 13ME
To determine
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Use the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank recor
no entry Is requlred for a transactlon/event, select "No Journal Entry Requlred" In the first account fleld.)
BANK STATEMENT
Please prepare the bank reconciliation for CSA
Hills Company's June 30 bank statement and the June ledger account for cash are summarized here:
Withdrawals
Deposits
Other
Balance, June 1
Deposits during June
Cheques cleared during June
Bank service charges
Balance, June 30
Balance
$ 9,100
35,080
4,580
4,360
4,360
$25,980
$30,500
$ 220
Cash (A)
June 1
Balance
8,700
28,500
June
Deposits
30,580
Cheques written
June
June 30
Balance
6,620
Requlred:
1. Prepare a bank reconciliation. A comparison of the cheques written with the cheques that have cleared the bank shows outstanding
cheques of $480. Some of the cheques that cleared in June were written prior to June. No deposits in transit were noted in May, but a
deposit is in transit at the end of June.
HILLS COMPANY
Bank Reconciliation
June 30
Bank statement
Company's books
Ending balance per bank statement
6,620 Ending balance per cash account
Additions:
Additions:
8,620
Deductions:
Deductions:
Up-to-date cash ba ance
8.620Up-to-date cash ba ance
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Chapter 5 Solutions
Fundamentals Of Financial Accounting
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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- Journals for bank reconciliation: Will journal entries be necessary based on the book or bank adjustments you discovered in the bank reconciliation? Type Book or Bank How many journals are needed? You do not need to write the actual journals on your PDF.arrow_forwardPrepare the bank reconciliation of Harvey insurance at December 31, 2024 Journalize any required entries from the bank reconciliation arrow_forwardUse the following bank statement and T-account to prepare any journal entries needed as a result of the May 31 bank reconciliation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) BANK STATEMENT Date Checks Deposits Other Balance May 1 $ 260 May 4 #2 May 12 #4 May 28 #5 $ 25 115 35 $ 65 300 NSF check $ 65 120 85 May 30 #6 30 260 315 May 31 #8 70 Service charge 20 225 Cash (A) Debit May 1 May 3 260 65 Credit 65 25 May 3 #2 85 May 4 #3 115 May 8 #4 35 May 11 #5 30 May 21 #236 May 29 260 40 May 29 #37 May 30 180 70 May 30 #8 May 31 365arrow_forward
- Question 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. “Deduct:” or “Add:” will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions. Enter all amounts as positive numbers. BRENTWOOD BIKE CO. Bank Reconciliation 1 Cash balance according to bank statement 2 3 4 5 Adjusted balance 6 7 Cash balance according to company’s records 8 9 10 11 12 Adjusted balance Question 2: Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts…arrow_forwardAfter 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 correctarrow_forwardWhich account is the main focus of a bank reconciliation? Why? Explain the importance of monthly bank reconciliations. Provide 2 examples in which a business must make journal entries during a bank reconciliationarrow_forward
- The 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_forwardA 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 bankarrow_forwardIMPORTANT Record the entries in the order the items are listed on the bank reconciliation report. When entering numbers, please do not use commas or dollar signs. Journal Date 2023 Accounts and Explanations 0 น PR Debit Page 52 Creditarrow_forward
- Which of the following items on a bank reconciliation would require an adjusting journal entry on the company's books? Multiple Choice An error by the bank. Outstanding cheques. A bank service charge. A deposit in transit. Prev 36 of 50 Next >arrow_forwardReconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.arrow_forwardPlease provide an answer along with an explanation, and clarify whether each option is correct or incorrect.arrow_forward
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