Bank reconciliation of Company M, as at May 31

Question

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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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Fenton Manufacturing Inc. had a variable costing operating income of $128,400 in 2023. Ending inventory decreased during 2023 from 45,000 units to 40,000 units. During both 2022 and 2023, fixed manufacturing overhead was $1,080,000, and 135,000 units were produced. Determine the absorption costing operating income for 2023.

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

Expert Solution & Answer

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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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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