Bank reconciliation of Company M, as at May 31

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Answer 1

Question

Chapter 5, Problem 2PA

(1)

To determine

To prepare: Bank reconciliation of Company M, as at May 31

(2)

To determine

To prepare: Adjusting journal entries that arise due to bank reconciliation

(3)

To determine

To indicate: The balance in Cash account, after posting the reconciliation entries

(4)

To determine

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

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Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable The Lexington Group Unadjusted Trial Balance May 31, 2016 Debit Balances Credit Balances 20,350 37,000 1,100 200 171,175 36,000 26,000 Common Stock 50,000 Retained Earnings 94,150 Dividends 15,000 Fees Earned 429,850 Wages Expense 270,000 Rent Expense 63,000 Advertising Expense 25,200 Miscellaneous Expense 5,100 608,125 636,000

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Answer 2

Question

Chapter 5, Problem 2PA

(1)

To determine

To prepare: Bank reconciliation of Company M, as at May 31

(2)

To determine

To prepare: Adjusting journal entries that arise due to bank reconciliation

(3)

To determine

To indicate: The balance in Cash account, after posting the reconciliation entries

(4)

To determine

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

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Answer 3

Question

Chapter 5, Problem 2PA

(1)

To determine

To prepare: Bank reconciliation of Company M, as at May 31

(2)

To determine

To prepare: Adjusting journal entries that arise due to bank reconciliation

(3)

To determine

To indicate: The balance in Cash account, after posting the reconciliation entries

(4)

To determine

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 2PA

(1)

To determine

To prepare: Bank reconciliation of Company M, as at May 31

(2)

To determine

To prepare: Adjusting journal entries that arise due to bank reconciliation

(3)

To determine

To indicate: The balance in Cash account, after posting the reconciliation entries

(4)

To determine

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 5, Problem 2PA

(1)

To determine

To prepare: Bank reconciliation of Company M, as at May 31

(2)

To determine

To prepare: Adjusting journal entries that arise due to bank reconciliation

(3)

To determine

To indicate: The balance in Cash account, after posting the reconciliation entries

(4)

To determine

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

Answer 6

Chapter 5, Problem 2PA

(1)

To determine

To prepare: Bank reconciliation of Company M, as at May 31

Answer 7

Chapter 5, Problem 2PA

(1)

To determine

To prepare: Bank reconciliation of Company M, as at May 31

Answer 8

(2)

To determine

To prepare: Adjusting journal entries that arise due to bank reconciliation

Answer 9

(2)

To determine

To prepare: Adjusting journal entries that arise due to bank reconciliation

Answer 10

(3)

To determine

To indicate: The balance in Cash account, after posting the reconciliation entries

Answer 11

(3)

To determine

To indicate: The balance in Cash account, after posting the reconciliation entries

Answer 12

(4)

To determine

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

Answer 13

(4)

To determine

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Bank reconciliation of Company M, as at May 31

Solution Summary: The author explains how bank reconciliation removes the differences between cash balance per bank and books. Outstanding checks are credited to the bank account of which the company is not aware of.

Concept explainers

To prepare: Bank reconciliation of Company M, as at May 31

To prepare: Adjusting journal entries that arise due to bank reconciliation

To indicate: The balance in Cash account, after posting the reconciliation entries

To indicate: The balance to be reported in the balance sheet as at May 31, after including the balance of $50 in petty cash on hand

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Chapter 5 Solutions