Bank reconciliation of Company T, as at February 29

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Answer 1

Question

Chapter 5, Problem 2PB

(1)

To determine

To prepare: Bank reconciliation of Company T, as at February 29

(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 February 29, after including the balance of $50 in petty cash on hand

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Hi expert please give me answer general accounting question

Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: Plug Products Spark Filter Company Credit Debit Credit Debit Cash and Accounts Receivable $ 146,000 $ 95,000 Inventory 236,000 119,000 Buildings and Equipment (net) 288,000 187,000 Investment in Spark Filter Company 267,789 Cost of Goods Sold 172,000 137,000 Depreciation Expense 40,000 30,000 Current Liabilities $ 170,147 $ 53,947 Common Stock 192,000 73,000 Retained Earnings 460,000 216,000 Sales 275,053 225,053 Income from Spark Filter Company 52,589 Total $ 1,149,789 $ 1,149,789 $ 568,000 $ 568,000 On January 1, 20X8, Plug's inventory contained filters purchased…

Volume-based rates produce inaccurate product cost when: Multiple Choice A large portion of factory overhead cost is not volume-based. Firms produce a diverse mix of products. Large volumes of a product are manufactured. Both a lack of volume-based overhead and there is a large range of products. None of these answer choices are correct.

Answer 2

Question

Chapter 5, Problem 2PB

(1)

To determine

To prepare: Bank reconciliation of Company T, as at February 29

(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 February 29, after including the balance of $50 in petty cash on hand

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Answer 3

Question

Chapter 5, Problem 2PB

(1)

To determine

To prepare: Bank reconciliation of Company T, as at February 29

(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 February 29, after including the balance of $50 in petty cash on hand

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 2PB

(1)

To determine

To prepare: Bank reconciliation of Company T, as at February 29

(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 February 29, after including the balance of $50 in petty cash on hand

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 2PB

(1)

To determine

To prepare: Bank reconciliation of Company T, as at February 29

(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 February 29, after including the balance of $50 in petty cash on hand

Answer 6

Chapter 5, Problem 2PB

(1)

To determine

To prepare: Bank reconciliation of Company T, as at February 29

Answer 7

Chapter 5, Problem 2PB

(1)

To determine

To prepare: Bank reconciliation of Company T, as at February 29

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 February 29, 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 February 29, 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 T, as at February 29

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

Concept explainers

To prepare: Bank reconciliation of Company T, as at February 29

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 February 29, after including the balance of $50 in petty cash on hand

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Chapter 5 Solutions