Bank Reconciliation: Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side To Prepare: The Bank Reconciliation statement

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

owe Tool and Die (RTD) produces metal fittings as a supplier to various manufacturing firms in the area. The following is the forecasted income statement for the next quarter, which is the typical planning horizon used at RTD. RTD expects to sell 64,000 units during the quarter. RTD carries no inventories. Amount Per Unit Sales revenue $ 2,028,800 $ 31.70 Costs of fitting produced 1,523,200 23.80 Gross profit $ 505,600 $ 7.90 Administrative costs 355,200 5.55 Operating profit $ 150,400 $ 2.35

The audited accounts of Lindsay Co. for year-end August 31, 2014 show a profit of $3,115,000 after charging the following: Depreciation 430,000 Rent 175,000 Legal fees 1,350,000 Audit fees 88,000 Donations 119,000 Bad debts 242,000 Foreign Travel 395,750 Interest payments 62,375 Other Information: a. Legal fees are as follows: Expenses in respect of recovery of debts, $585,000 Expenses related to the increase private share capital, $765,000 b. Lindsay Co. donated $65,500 to UTECH University and $53,500 to HELP, a private charity registered under the Charities Act. c. Bad debts are as follows: • A loan of $76,130 to Derek Stan who failed to repayit. • $63,017, owed by Simplicity Ltd. which was declared bankrupt. • The balance is a percentage of receivables at year end which is deemed to be bad. d. Foreign travel expense included $268,210 for a vacation package for the marketing manager’s and his family plane…

What are Generally Accepted Accounting Principles (GAAP)? Ex

Answer 2

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 6

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 7

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Answer 8

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 12

Ch. 5 - Prob. 5.1ME Ch. 5 - Prob. 5.2ME Ch. 5 - Mini-Exercise 5.3 LO 5 Accounts receivable, bad...Ch. 5 - Mini-Exercise 5.4 LO 5 Bad debts...Ch. 5 - Mini-Exercise 5.5 LO 7, 8 Cost flow...Ch. 5 - Mini-Exercise 5.6 LO 7, 8 Cost flow...Ch. 5 - Prob. 5.7E Ch. 5 - Prob. 5.8E Ch. 5 - Prob. 5.9E Ch. 5 - Prob. 5.10E

Concept explainers

Answer to Problem 5.1ME

Explanation of Solution

Want to see more full solutions like this?

Chapter 5 Solutions